What is the full form of PIVC in Insurance?
The PIVC full form in insurance is a Pre-Issuance Verification call. It is the way of the insurance companies to verify that the proposal given by the insurance agents meets the customer’s needs. It is incumbent upon the insurance company to make the pre-issuance verification call to ensure the suitability of the product and to obtain the full consent of the customer before obtaining the policy.
What are to be included in the Pre-issuance Verification call?
The insurance company should make sure that the PIVC verification includes key data such as the term of the policy, the premium amount payable, the sum assured, the premium term and the confirmation given by the customer on all these terms. After the pandemic, the PIVC has been carried out through electronic means.
The need for PIVC:
The PIVC has evolved as a critical component in ensuring the integrity and reliability of India’s insurance business. This process is crucial in establishing ironclad agreements between insurers and policyholders, ensuring a strong foundation for insurance contracts. It ensures risk assessment accurately helps prevent fraud and enhances regulatory compliance.