Case Study: BimaPay achieves faster, compliant insurance premium financing with Decentro's digital KYC

BimaPay cuts KYC time by 65% with Decentro

BimaPay, an InsurTech company, faced challenges with slow and manual KYC verification processes that conflicted with its promise of instant insurance premium financing. These bottlenecks, including name matching discrepancies and document upload issues, caused delays and false rejections. To overcome this, BimaPay integrated Decentro's DigiLocker UIStreams and Name Matching APIs to streamline their digital onboarding.

By implementing Decentro's solution, BimaPay achieved a 65% faster document verification process, reducing KYC time from 15 minutes to 5 minutes. This enabled them to maintain their sub-8-minute loan processing promise, boost first-attempt approval rates by 3x, and process 98% of applications without manual intervention. The partnership with Decentro was fundamental to BimaPay's mission of increasing insurance penetration in India.

BimaPay