PIVC Full Form in Insurance

What is the Full Form of PIVC in Insurance?

The PIVC Full Form in Insurance is Pre-Issuance Verification Call. Consumer needs must be satisfied in the complex insurance sector. Pre-Issuance Verification Call (PIVC) helps insurers confirm offered insurance fulfills customer demands. This article examines PIVC, its regulatory evolution, and a cutting-edge technology that simplifies the procedure for insurers and customers. Before issuing a new policy, insurance firms must do a pre-issuance verification to guarantee product compatibility and customer acceptance. Verify proposal total assured, premium amount, insurance period, and customer confirmation. A key objective is to inform consumers of insurance conditions before signing.

Agent Authorization:

Insurers allow electronic PIVC for certain agents. This power requires careful compliance. Agents cannot sell non-single premium unit-linked insurance plans beyond Rs. 50,000 or single premium policies over Rs. 1,000,000.

Regulations require insurers to check 3% of purchases. Keep verification call records for 3 years. Insurers must preserve unalterable evidence of proposer consent for six months after the policy term or until a claim is resolved. Individual insurance agents and intermediaries may electronically request customer approval for all life insurance products until March 31, 2022.

Consumer Streamlining PIVC:

Insurers may simplify the process for consumers with an integrated system with user-friendly interfaces. Insurers use API requests from their servers to check data. The API populates client data from templates. Safe Link PIVC customers get a secure questionnaire link via SMS/email. Domain link ensures insurer authenticity. Customers may click the secure link and see the PIVC questionnaire as a mobile video. Each customer answers yes or no in the chosen language, which is recorded.