Bahrain: Insurance industry joins national eKYC platform
Source: Middle East Insurance Review | Oct 2021
Bahrain’s Electronic Network for Financial Transactions (BENEFIT) has integrated the insurance sector into the national electronic know-your-customer or eKYC platform, in collaboration with Bahrain Insurance Association.
This initiative is in line with the directives from the Central Bank of Bahrain’s (CBB) on the digitisation of insurance services, said media reports. BENEFIT has been the operator of the national eKYC platform in the kingdom, in cooperation with Bahrain Information and eGovernment Authority and under the supervision of the CBB. The eKYC project was implemented in April 2019.
The eKYC service will support insurers in starting the process of paperless KYC for their online customer onboarding. It will also further promote digital transformation within the insurance sector while meeting and setting standards for KYC regulatory requirements.
The onboarding of this platform improves service and allows consumers to access insurance services more quickly. The service will also help insurance companies in managing the KYC records of their customers more efficiently and cost-effectively. Furthermore, the digitalisation of such services allows insurance and reinsurance companies to combine customer convenience with transaction safety and security. M