ISNP service TAT & fraud detection

ISNP Service TAT

INS-LAB Pvt Ltd will adhere to the following service TAT for the online selling of insurance products through their ISNP https://inslab.io in compliance with the Insurance E-Commerce Guidelines published by IRDAI on March 9, 2017. Subject to obtaining the required data and documentation from insurers, the company will endeavor to adhere to the service level TATs listed below:

* In order to address customer requirements / grievances and work with the authorized insurers to resolve service issues that rely on the insurers for resolution, the TATs are established. If the issue remains unresolved by the insurer, INS-LAB won't be in violation of the TATs.

Health insurance: post-sales servicing

Procedures, processes, and timelines aligned with Schedule III of the Insurance E-Commerce Guidelines. To access these services, you may send your request from your registered email ID to support@inslab.io.

Issuance and crediting of policy documents / certificates of insurance / proposal forms

The turnaround time (TAT) for processing this request is 15 business days from the date all required documents are received in full.

Scheduling medical examinations and submitting reports

Medical examinations are mandated by insurers based on the plan selected by the customer. If the chosen plan necessitates a medical check-up, once payment for the online policy is completed, the customer will be guided to proceed with the necessary steps, including scheduling the medical examination (if applicable).

Issuance of endorsements

An endorsement is issued whenever a policyholder requests changes permitted under the terms of the policy, which are subsequently approved and incorporated by the insurer. The TAT for processing endorsement requests is 15 business days from the date all complete documents are received.

Changes to policy terms, conditions, or details

Correction of date of birth (DOB)

This request involves amending or correcting the date of birth of the policyholder, insured individual, nominee, or trustee. Required documents:

• Proof of Date of Birth
• Any additional premium applicable due to the DOB change

TAT: 15 business days from the receipt of all complete documents.

Adjustment of sum insured (increase or decrease)

Adjustments to the sum insured are permissible only at the time of policy renewal, as outlined in the policy terms.

Correction of gender

This involves updating the gender details in the policy. Required documents:

• A valid ID proof with a DOB matching the records
• Payment of any additional premium due to the gender correction

TAT: 15 business days from the receipt of all complete documents.

Name change

Required documents:

• A valid proof of name change showing a DOB that matches the records
• A name change affidavit (as per state requirements), attested by a First-Class Magistrate

TAT: 15 business days from the receipt of all complete documents.

Address change

Required documents:

• A self-attested copy of valid proof for the new address

TAT: 15 business days from the receipt of all complete documents.

Life insurance: pre-sales solicitation

E-quote generation on digital platform

A customer can generate an electronic quote by providing essential details such as their date of birth, gender, smoking habits (smoker/non-smoker), desired coverage amount, and personal information including name, phone number, and email address.

Plan selection and redirection to product page

After generating the e-quote, the customer can compare quotes from multiple insurers and choose a plan they wish to purchase. Upon selection, they will be directed to the insurer's product page, where the chosen plan's details are displayed, along with options to add riders.

Redirection to payment gateway

The customer is navigated to the payment gateway for completing the premium payment. Various payment options, such as internet banking, credit/debit cards, and wallets, are provided. Additionally, a standing instruction facility is available for paying future renewal premiums. After successful payment, the customer proceeds to the next steps: completing the proposal form, uploading necessary documents, and scheduling a medical examination if required.

For sales-related inquiries, customers can contact: 18005722690.

Life insurance: post-sales servicing

Completing the proposal form

The underwriting of proposals is based on information disclosed by the proposer or insured in the proposal form. Customers must review the details, verify accuracy, and authenticate them using a one-time password (OTP).

Upon payment completion and form submission, a PDF copy of the form and payment acknowledgment is sent to the registered email ID.

The proposal form includes:

• Personal Information
• Employment Details
• Address Information
• Insurance History
• Nominee Details
• Lifestyle & Well-being
• Health Information
• OTP verification and approval

Document upload

• Photograph
• Address proof
• Identity proof
• Income proof

Scheduling medicals

Customers choose a date and time for medical check-ups, which may occur at home or at an approved diagnostic center. Any schedule changes are communicated accordingly.

Once underwriting is complete and approved, a physical policy copy is sent to the customer's communication address, and a digital copy is emailed by INS-LAB.

Correction of date of birth

• DOB correction form
• Proof of DOB
• Additional premium (if applicable)
• Revised illustration signed by policyholder

TAT: 15 business days after receiving all documents.

Renewal premium payment and remittance

Select insurer → Enter policy number → Provide DOB → Make payment.

A receipt will be emailed within two days of the transaction. Contact: 18005722690 or support@inslab.io.

Motor & two-wheeler: post-sales services

This document provides comprehensive details regarding the processes, guidelines, and timelines associated with post-sales services. Should you wish to avail yourself of any of these services, you may proceed by sending your request to our email address support@inslab.io using your registered email ID.

Issuance and crediting of policy documents / certificate of insurance / proposal forms

The turnaround time (TAT) for issuing and crediting the policy is up to 7 business days from the date the insurer receives all required documents.

Organizing inspection and submission of video inspection reports

After the customer has completed payment for the chosen online plan, they will proceed to the next required step, which involves scheduling an inspection (if applicable).

Issuance of endorsements

An endorsement is provided to the policyholder when any agreed-upon changes are incorporated into the policy. The TAT is 15 business days from the date the insurer receives all necessary documents.

1. Change of policy terms and conditions / details corrections

Correction of date of birth (DOB)

A request to change or correct the date of birth of the policyholder, insured individual, nominee, or trustee. Documents needed:

• DOB Change Form (applicable for all policy numbers).
• Self-attested proof of date of birth.
• Any applicable premium adjustments due to DOB change.
• Revised illustration signed by the policyholder.

Vehicle details changes

This includes updates to details such as registration, no-claim bonus (NCB), insured declared value (IDV), ownership transfer, engine capacity (CC), fuel type, CNG addition, manufacturing year, liability for paid driver, and model/variant. Documents needed:

• Registration Certificate (RC).
• Applicable premium adjustments (based on changes).

TAT: 15 business days from receipt of complete documentation.

Effective date of coverage changes

Adjustments to coverage dates are based on the terms of the contract and the previous year's policy. Documents needed:

• Copy of the previous year's policy.

TAT: 15 business days from receipt of complete documentation.

2. Change of name / address

To request a name change, the following must be submitted:

• Copy of the RC.
• Copy of the previous year's policy.

Change of address

For address updates, the following must be provided:

• Self-attested proof of the new address.

Change of nomination

As outlined in the policy contract, the policyholder may nominate a different person to receive the benefits of the policy in case of their death. Documents required:

• Signed request letter from the policyholder stating the new nominee's name.
• Email from the registered email ID with the nominee's name and their relation to the policyholder.

TAT: 15 business days from receipt of complete documentation.

Fraud Detection Policy

Introduction

At INS-LAB, we are committed to ensuring the security, integrity, and trustworthiness of our platform for both our customers and our business. As part of this commitment, we have developed this Fraud Detection Policy to prevent and detect fraudulent activities on our ISNP. This policy outlines the procedures and measures we have in place to identify, mitigate, and respond to potential fraudulent activities, ensuring that all transactions and interactions on our platform remain secure.

Purpose

The purpose of this policy is to:

• Safeguard against fraudulent transactions.
• Protect the privacy and financial security of our customers.
• Prevent financial losses and reputational damage to our business.
• Monitor communication and agent conduct.
• Maintain compliance with legal and regulatory requirements.

Scope

This policy applies to:

• All users of the website, including customers, POSP, and third-party vendors.
• All transactions conducted on our website, including purchasing insurance products, updating customer information, and processing payments.
• All interactions with the website and its features, such as account creation, policy management, and claims submissions.

Fraud detection measures

1. Account verification

Identity verification: We utilize advanced identity verification tools, such as multi-factor authentication (MFA), to ensure the authenticity of account holders. Customers are required to complete the KYC process by submitting government-issued identification for verification.

Phone number verification: For high-risk transactions, customers may need to verify their phone number through an OTP (One-Time Password) sent via SMS.

2. Transaction monitoring

Real-time monitoring: We monitor all transactions in real-time using machine learning and AI-driven fraud detection systems. These systems analyze patterns and flag suspicious transactions based on various risk factors, including but not limited to:

• Unusual transaction amounts.
• Rapid multiple purchases from the same IP address.
• Geolocation discrepancies.
• High-risk regions.

Flagging criteria: Transactions may be flagged if they meet certain thresholds or if abnormal behavior is detected.

3. Risk profiling

Customer behavior analysis: We analyze user behavior over time to create a fraud risk profile. Any deviation from a customer's established behavior (e.g., purchasing behavior, login patterns) triggers additional verification steps.

Blacklist: Customers or accounts flagged as high risk or involved in previous fraudulent activities may be added to an internal blacklist, preventing further transactions from being processed.

4. Claims fraud detection

Claims validation: All insurance claims are reviewed thoroughly to ensure their authenticity. Claims are cross-referenced with customer transaction data, policy details, and external databases (e.g., public records) to identify inconsistencies or signs of fraudulent activity.

Third-party fraud check: We collaborate with fraud detection services and external databases to verify the legitimacy of claims and ensure no fraud is being committed.

5. Fraudulent account behavior

Account locking: If suspicious activity is detected on an account (e.g., excessive failed login attempts, changing payment methods frequently), the account may be temporarily locked until the issue is resolved.

Fraud prevention responsibilities

1. Customer responsibilities

Customers are responsible to:

• Provide accurate and truthful information when creating accounts, purchasing insurance products, or filing claims.
• Report any suspicious activities (e.g., unauthorized transactions or account access) to our support team immediately.
• Safeguard their login credentials and notify us of any suspected data breaches or account compromise.

2. Company responsibilities

• We will proactively monitor, detect, and respond to any fraudulent activities on our platform.
• We will investigate any flagged or reported fraudulent activity in a timely manner and take appropriate action to prevent further harm.
• We will ensure all customer data is protected and handled according to privacy laws and regulations.
• We will continue to improve our fraud detection systems and processes to adapt to new fraud schemes and tactics.

Response to fraud

1. Investigation

Once fraud is suspected, our internal fraud team will immediately begin a thorough investigation. This may include reviewing transaction histories, IP addresses, customer communications, and external sources.

In case of suspected insurance fraud, we will work with relevant authorities, including law enforcement and insurance regulators, to ensure legal compliance.

2. Action

Actions may include:

• Suspending accounts involved in fraudulent activities.
• Notifying affected users.
• Reversing transactions confirmed as fraudulent.
• Taking legal action where appropriate and blacklisting users associated with repeated fraudulent activities.

3. Reporting and documentation

Fraud incidents will be documented and reported in accordance with applicable laws, regulations, and internal procedures. Any actions taken in response to fraud will be communicated to the affected parties.

Conclusion

We take fraud prevention seriously at INS-LAB. Through proactive monitoring, robust verification measures, and a dedicated fraud response team, we are committed to creating a safe and secure online environment for all our customers. This policy will be reviewed and updated periodically to adapt to new challenges and ensure the highest levels of protection.

For any questions or concerns regarding our Fraud Detection Policy, please contact our customer support team at support@inslab.io.