Benefit, Bahrain’s sole electronic financial transactions operator, has integrated the insurance sector into the national electronic know your customer or eKYC platform.
In line with the Central Bank of Bahrain’s (CBB) directives on the digitisation of insurance services, the initiative was carried out in collaboration with the Bahrain Insurance Association (BIA).
The eKYC service will enable insurers to complete customers’ identity authentication online, while meeting regulatory requirements of transaction safety and security.
The service is set to not only assist insurers in managing customer records in a more efficient and cost-effective manner, but also improve consumer experience by allowing quicker and more convenient access to services.
Commenting, Benefit chief executive Abdulwahid AlJanahi said: “Retail banks, financial service providers, and money exchange services have adopted eKYC solutions since 2019, and now, it is time for the insurance industry to adopt the same and reap the benefits of digital transformation.”
A first of its kind in the region, the eKYC platform covers the entire financial sector on a national level, placing Bahrain at the forefront in the Arab world as a top financial technology centre, he added.
Also commenting was Dr Abdulla Sultan, vice-chairman of the BIA and chairman of the BIA Digital Committee, who said: “With digital transformation making a breakthrough across a majority of sectors, it is just as crucial for insurance companies to adapt and take on digital opportunities to remain competitive and relevant. The eKYC platform provides a number of benefits for our clients including efficiency, personalisation and agility.”
The BIA has about 50 members, comprising local insurance companies, foreign insurance companies, reinsurance, brokers and service providers.