Insurance companies would be allowed to sell insurance policies online even after the COVID-19 pandemic ends, but they must apply for trials first, in which they must prove that the practice is safe for customers, the Financial Supervisory Commission (FSC) said yesterday.
The commission is monitoring whether companies’ information security is strong enough to preempt impostor fraud using face-swap technology, it said.
People buying insurance policies online are required to show their face and identity card or residence permit in a videoconference meeting with insurance companies, Insurance Bureau Deputy Director-General Thomas Chang (張玉煇) said.
Photo: Kelson Wang, Taipei Times
Insurance sales agents will then examine whether the buyer resembles the photo on their ID card, Chang said.
“This would be a double protection against impostor fraud,” he said.
The commission has so far approved three life insurers to conduct trials and there has been no incident of impostor fraud, he said.
During the pandemic, insurance agents are allowed to sell products online as they are not able to visit clients in person due to concerns over infection.
However, as the demand for digital financial services is rising, the commission now thinks it should be an option even after the pandemic ends, Chang said.
Insurance companies must use videoconference software for online sales and set internal controls to authenticate a client’s identity, he said.
Using biometrics to enhance security is optional, he added.
Sales agents must record the entire meeting and upload the video to the servers of insurance companies, which must keep the data until the policy expires, Chang said.
There is no limit on the scope of insurance policies that can be sold online, he added.
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