The pandemic has played a huge role to push digitization in the insurance sector. And with digitization on board, several insurance companies were able to provide their customers with more efficient services and could cater to their needs in a more specific way.
Featuring for The Enterprise World’s this issue of The 10 Most Trusted Insurance Tech Solution Providers To Watch in 2022 is Vieva InTech, a company that is a pioneer in insurance services and technology.
In this Interview with Dhiren Ved – CEO of the company, let us know more about their products and services.
1. Brief us about the Vieva InTech.
Vieva InTech is one of the pioneers in insurance services and technologies playing a vital role in niche areas like claims management and control. In a very short span of time it has achieved quite a few accounts for its products into the Indian insurance companies. Managed by young and experienced insurance technology experts, Vieva is planning to launch many more products which are the need of the hour for the insurace sector in India.
2. Vieva InTech’s Philosophy – Mission Is Simple
Become a trusted partner for insurance companies to meet their vision as well as short term goals. Quick churn out of unique innovative offerings which will auger with insurance companies processes, technology, and systems. Benchmark itself on evolving its products regularly to assist customer in TAT reduction, operational excellence, overcome leakages. Directly/Indirectly assist the insurance community to create an excellence benchmark for themselves in their areas of operation.
3. Vieva InTech’s Vision
To become a numero uno trusted partner to insurance community to bring about. innovative solutions for efficiency and fraud control in insurance processes in India and internationally. disruptive/novel processes utilizing latest technologies in every insurance process.
4. What were the initial challenges you faced?
In 2003-4, claims were not settled online through online assessment. There was no concept of SAAS. Also, the insurance companies had spent considerable capex on buying core. To make them use our solution was a real challenge. It is then that we came up with the concept of Use as you pay, the IT had not even got used to this.
Moreover, the Businesses were reluctant to bring about disruption in their existing processes.
5. Which was that point that triggered the growth of the Vieva InTech?
It was in 2005 during the Mumbai floods when the number of claims had increased drastically. where companies who were piloting our solution realized how easy, convenient, and fast it was to settle the claims using our solution. That was the real turning point for us.
6. How have the Vieva InTech graphs changed since the foundation? Can you share a few statistics?
7. What is the reason behind your Vieva InTech’s long-standing success?
Following are the key driving factors
- Innovation through out-of-the-box ideas
- ALWAYS AHEAD OF TIMES AND TECHNOLOGY
- Customer focus
- Deep Passion for Vieva InTech Products, its usage and regular feedback from Product users.
8. The Products/Services
What are the products/services the Vieva InTech focuses on? How are your services different from those in the market?
We always come up with a Niche industry solution where we do not have a competition. So far we have focussed on Claims management with Motor in focus. We have a host of products/services around those. To name few products
- MotoVeys – Online and Offline Claims Management Systems that works with Core insurance System and ERP.
- Claimdroid – A mobile application for surveyors which supports real time audio, video , photo synchronization, and latest technology features to control leaks
- MotoStream – A realtime video streaming and geo-tagging tool for Self-assessment of claims
- MotoAI – An Artificial Intelligence tool that automatically builds Indian Car Make Model part master (Part, Labor and Paint Cost) for customer based on its existing data bringing Intelligent Automation to the motor claim process
- MotoRobo – An OCR based Robot tool to do an AUTOMATIC VERIFICATION of documents without manual intervention
- MotoAlly – Voice interactive customer app for claims and assistance services
- MotoExame – Real time watch dog System for the claims to optimize controls and reduce leaks
- Claims Analisi – A decision making Business Intelligence tool to Analyze Claims across businesses
- Vreck Veiling – Online Salvage Management Auction Portal to help liquidate salvage faster with ease and better recovery
- Motoveys – TP, PA module – Contains Investigation and Advocate modules
- MobiVeys – Mobile Device/White Goods claims
We also have Products for Underwriting (MotoPI) which can help mitigate risk through
9. How do you decide to take the company a step further in terms of your products/services?
SPEED, TRANSPERENCY, AND SEAMLESS PROCESSES through State of Art technologies within the regulatory guidelines in the direction which the company is focussed on.
An unforgetable end customer experience is the in thing of this age. We are providing multiple solution using technologies like voice communication, mobile and social media as well as field services, etc. to end customer. To achieve this, we are not just providing IT products but also the insurance services required as a bundled solution.
We are further expanding/creating new solutions to the broader family in the whole eco system which includes Insurance Brokers and Agents, Workshops and Service Providers, Used Car Aggregators, Workshop Aggregators, etc. Coupled to this is a D2C approach that we aim to bring in this ecosystem.
The essence of this is to have a fastest connect and provide a seamless service experience to the end customer.
10. Is there any new addition to the list of products/services? Anything exciting you would like to share?
As explained earlier, we are coming up with a bundled solution that includes technology and services hovering around the automobile sector. Vieva Group has recently launched
- Door Step Servicing
- Door Step Health Check and Valuation
- Claim Assistance
Can you please brief us about your professional experience?
Dhiren was working with motor insurance surveyors and was also creating an online claims assessment solution since 2002. This made him create his visionary product Motoveys (Copyright Vieva Intech) – a first online claims management solution (from intimation, assessment till finalization) in India and founded Vieva Intech in the year 2005. It was in the same year during Mumbai floods when Motoveys was used for IFFCO Tokio General Insurance companies motor claims survey in its CSC3 zone and achieved to reduce average Claim TAT from 3 months to 32 days in that year. Just by online controlling surveyor assessment and documentation resulted in drastic savings in their Average Claim Cost (ACC).
Post that Vieva created products for Risk Inspections (MotoPI), the end-to-end motor claims solution that aids companies with their Dealer SLAs, Real time claims Provisioning, Watchdogs for Leak Prevention, etc. The product had/is been used by IFFCO, Reliance General Insurance, Universal Sompo General Insurance, Shriram General Insurance, L&T General Insurance, SBI General Insurance. We also introduced the concept of mobile assessment by Surveyors way back in 2012. Now we are working on the latest buzzwords in the digital Age – Video streaming, AI-based assessment, etc.
The Insurance industry welcomes his ideas and thoughts and ‘WHAT NEXT’ from you is what they ask for?
12. What are the key achievements of your entrepreneurial journey?
- The very first one was a first contract which enabled me to prove the solution that I had.
- We have many firsts to Vieva InTech credit in the Insurance Sector in India. People use our templates and processes for their reference.
- In this journey, we have integrated our solutions with 5 leading Core Insurance Systems and around 12 leading OEM broking systems.
- 5 million claims have been processed through our system.
13. How do you look after your employees? What makes your team unique?
Vieva InTech Company DNA focusses on 3 words
- Never Give Up
- Everything is NOW – Tomorrow never comes