Other parts of this series:
Smart start-ups are using artificial intelligence to build insurance products that delight customers.
Astute start-ups are capitalizing on advances in digital technology and launching innovative products and services that are changing how consumers buy insurance. The impact of these insurtech firms is growing fast. It’s already forcing many insurers to relook at how they distribute their products.
Artificial intelligence is one of the key digital technologies insurtech firms are harnessing to improve insurance sales and service. Together with the Internet of Things and blockchain, this technology is providing savvy start-ups with the opportunity to redefine the workings of much of the insurance industry. Several insurtech firms, as I mentioned in my previous blog post, are developing artificial intelligence solutions that help established insurers improve their efficiency and productivity. Many others are harnessing this technology to create insurance products and services that delight digitally savvy consumers. They include:
Insurify: This US firm allows consumers to use their mobile phones to quickly find the most suitable car insurance. Once a consumer has sent a photograph of their vehicle’s license plate, Insurify’s intelligent virtual agent searches its extensive records to verify personal information and check the applicant’s driving history. It then sends a text message containing policy quotes and recommendations to the consumer.
ValChoice: US start-up ValChoice uses intelligent analytics technology to rank the service of insurers. This allows consumers to see which carriers will provide them with the best price, protection and service. ValChoice’s analytics system searches a wide range of data sources to predict the likelihood of an insurer compensating the consumer should they make a claim.
PolicyGenius: Online service PolicyGenius allows consumers to assess their insurance needs, search for the most suitable life, disability, pet or renters’ insurance, and then buy appropriate cover. The US firm uses intelligent analytics technology to identify and recommend insurance products that best meet consumers’ needs.
Brolly: UK firm Brolly has developed a mobile application that uses artificial intelligence to assess whether a person is appropriately insured, identifies duplicate or missing cover, and recommends insurance at better prices. It also provides quick access to policy documents, prices and contact information.
Uvamo: P&C insurance provider Uvamo applies artificial intelligence to assess the risk of policy applications and determine premiums. The US company uses this technology to not only provide consumers with low premiums but also to offer attractive returns to investors that back pools of policies.
Spixii: UK-based Spixii is building a mobile insurance platform that uses an intelligent chatbot to converse with young professionals about their insurance needs. The virtual insurance agent recommends suitable travel and home cover and identifies opportunities to cross-sell other insurance products.
Cuvva: Scottish start-up Cuvva provides temporary, on-demand, car insurance. Once a prospective customer has submitted the license number of the car they wish to drive together with a photograph of themselves, by using the Cuvva mobile app, the firm’s intelligent analytics system scours third-party data to assess the risk and then emails a quote to the enquirer.
In my next blog post I’ll discuss some of the insurtech start-ups that are taking advantage of the Internet of Things to deliver innovative insurance solutions. In the meantime, take a look at this link. I’m sure you’ll find it helpful.
Three technologies that are changing the financial services game.