AuthBridge Launches Automated PIVC Solution to Reduce PIVC TAT by 80%
GURUGRAM, India, March 13, 2024 /PRNewswire/ — AuthBridge Research Services Private Limited, a pioneer in trust and authentication technology, announces the launch of its automated Pre-Issuance Verification Call (PIVC) solution to eliminate policy-related disputes between customers and insurance companies. The AI/ML and Speech-to-Text technologies aim at saving cost and reducing the turnaround time for PIVC by 80%.
Designed to give insurance companies a competitive edge, the solution will not only empower them with superior customer experience but also prevent mis-selling and the likelihood of legal disputes arising from inaccurate or incomplete information.
Commenting on the need for an automated PIVC solution in India, Ajay Trehan, Founder & CEO of AuthBridge, said, “India’s insurance market issues a staggering 200 million life and general insurance policies annually, with 12% growth each year. This demands efficient solutions to streamline issuance. An Automated PIVC streamlines the process, improving conversion rates and reducing turnaround times. It also cuts costs (Rs. 50-100 per manual call) and mitigates legal risks with a secure audit trail. By empowering a superior customer experience, the solution positions insurers for a competitive edge.”
Some of the key features of AuthBridge’s PIVC solution include:
- Safeguard against legal disputes: Collect speech and text-based customer consent to establish a secure audit trail and avoid legal disputes in the future
- Alleviating scheduling conflicts: Let the customers schedule the call at their convenience across email, WhatsApp, SMS
- Optimized manpower and logistics costs – Reduce manpower and logistics costs associated with manual calling while minimising human error and intervention in authenticating the customer
- Enhanced customer experience – Quick and easy policy issuance with clear communication of policy details.
Sharing insights into the achievement, Sandeep Singh, SVP of Products of AuthBridge, shared, “This improvement is achieved through innovative features like automated consent capture, validation via speech-to-text functionalities, and use of AI-ML, streamlining the entire process and delivering a faster, more efficient experience for both users and administrators. This also reduces the possibility of human error and intervention in the validation process.”
While the insurance industry remains reliant on manual calling for Policy Issuance and Verification of Coverage (PIVC), AuthBridge is poised to revolutionize the landscape with its innovative automated PIVC solutions. This forward-thinking approach not only streamlines the customer experience but also empowers insurance providers with significant operational efficiencies and cost reductions.
About AuthBridge
Founded in 2005, AuthBridge is India’s leading trust and authentication technology company, delivering cutting-edge technology solutions for 2000+ customers across 50+ industries. Supported by the most extensive proprietary databases in the country, combined with ISO 9001:2015 certification for quality and ISO/IEC 27001:2013 compliance for information security, AuthBridge is the authentication platform of choice for Fortune 500 and Indian Unicorn brands.
For more information, visit: https://authbridge.com/
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