Expert Forum: KYC: Bugbear or hidden gem?

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Know your customer (KYC) requirements are often seen by insurance practitioners as a cumbersome regulatory burden, particularly in developing countries where proof of identity and even of age can be hard to come by. But there’s another aspect to KYC. Consumer market research is a given in the consumer goods sector, but financial services firms – including insurers and their intermediaries – seem to be late adopters. All too often “customer needs” are based on assumptions made with...