Ceylinco Life launches electronic KYC for faster and better customer verification

Ceylinco Life has announced the implementation of a new electronic Know Your Customer (eKYC) system, which offers improved security, efficiency and accuracy in the customer authentication protocol, and enhances compliance with regulatory requirements for customer identification and due diligence.

The life insurance leader said the transition to eKYC from the previous manual KYC process delivers multiple benefits. The new system enables the verification of an individual’s identity electronically using advanced digital authentication methods which reduce the risk of fraud and improve the accuracy of the overall process. It also eliminates the need for paper documents, reducing costs and improving efficiency for both the company and its customers. In addition, eKYC enhances the customer experience by enabling customers to complete verification requirements remotely using mobile devices or computers.

Commenting on this latest deployment of technology-enabled process improvement, Ceylinco Life Director and Chief Operating Officer Ranga Abeynayake said: “We have always recognised the importance of adapting to changing times and enhancing our customer experience with technology.

Our new eKYC system is a prime example of this commitment. The COVID-19 pandemic and resultant social distancing measures made the manual KYC process difficult, catalysing the development of our eKYC system. The paper shortage in the country caused further delays in the onboarding process. With the eKYC system in place, we have overcome these challenges.”