Tovie AI’s Banking and Insurance Solutions Are Now Available on IBM Cloud for Financial Services
March 14, 2023
2 min read
Tovie AI’s conversational AI solutions for Financial Services are now validated and available on the IBM Cloud for Financial Services®.
IBM Cloud for Financial Services® aims to help reduce risk throughout the supply chain by addressing resiliency, performance, security and regulatory compliance requirements for financial institutions. At the heart of IBM Cloud for Financial Services is the IBM Cloud Framework for Financial Services developed in collaboration with industry experts to help clients automate their security and compliance posture through security and controls built into the platform.
Because Tovie AI has demonstrated compliance with the Framework, Tovie AI can deliver offerings with the IBM Financial Services Validated designation. Only ISVs and SaaS providers that have evidenced compliance with the Framework are eligible to deliver offerings with the IBM Cloud for Financial Services® Validated designation.
In a world of hyper-personalised services and innovation, financial institutions are embracing conversational AI technology and multimodal assistants. Chatbots are projected to reach $7 billion in revenue in the banking, financial services, and insurance markets by 2030, demonstrating that conversational assistants are quickly becoming mainstream.
With a proven track record across banking, retail, health, and contact centre environments, Tovie AI’s solutions are designed to automate customer interactions. Using conversational AI technology, Tovie AI has greatly improved virtual agents’ ability to understand natural language, take commands effortlessly, and respond to queries and requests in a meaningful way.
With Tovie AI’s technology, IBM’s customers can create their own conversational interfaces of various types – from chatbots to advanced virtual assistants for enterprises. As part of IBM Cloud for Financial Services®, Tovie AI’s solutions will enable its customers to serve a wider demographic by improving accessibility.
Among the Tovie AI solutions available to customers of IBM Cloud for Financial Services® are:
Insurance Claims Bot: a virtual assistant that helps financial institutions increase the percentage of insurance claims processed at the first call and improve overall customer experience.
Insurance Policy Renewals/Upsells Assistant: automates and streamlines the renewal process, by sending reminders and the appropriate paperwork, updating information and confirming the renewal. Based on customers’ purchase history, the bot can create customized offerings and upsell and cross-sell products and services.
Inbound/Outbound Contact Center Automation: powered by knowledge of various and complex banking and insurance products, bots automate inbound and outbound communication, taking the load off human agents and dramatically reducing wait time. AI bots can handle nearly any issue: from FAQs and routine tasks to after-hour calls, to seasonal call campaigns and more.
Debt Collection Bot: automates all aspects of the debt recovery lifecycle, reducing collections costs and delivering more attentive interactions.
For more information on Tovie AI solutions and use cases, please visit here, and visit here for more information on IBM Cloud for Financial Services®.