IRDAI VBIP Compliance Guide for InsurTech

The Insurance Regulatory and Development Authority of India (IRDAI) mandates the Video Based Identification Process (VBIP) for remote insurance customer onboarding, requiring live video verification to ensure customer identity before issuing policies digitally. This process necessitates InsurTech companies and insurers to develop compliant real-time video infrastructure that includes capturing geo-tagged consent, recording sessions, and maintaining auditable storage in line with IRDAI guidelines. VBIP replaces traditional in-person KYC by verifying identity through live video interactions while ensuring document authenticity and capturing informed consent. This framework applies across all insurance product lines and is integral for fraud prevention in digital insurance distribution. Compliance entails adherence to specific technical and procedural requirements, including session recording, geo-tagging, and data retention, with significant penalties for non-compliance, ranging from regulatory fines to potential licensing risks for insurers and associated InsurTech platforms. The process also intersects with other regulatory frameworks like Anti-Money Laundering (AML) and Aadhaar-based verification, requiring meticulous coordination to ensure adherence to all relevant regulations.

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