How AI Matches Clients To Insurance Policies
Insurance startups are using artificial intelligence to streamline the search process and improve policies and rates for customers
Startups looking to disrupt the status quo are entering the insurance industry. Simultaneously, customers’ expectations of digital transactions are becoming more demanding. PSFK researchers delved into the InsurTech space to find out how companies are using AI to gather customer data and provide personalized results, feedback and recommendations relevant to the user’s needs.
Brolly is an app-based, AI-powered personal insurance concierge that gives users information and automates the advice they would traditionally get from speaking with an insurance broker. The AI-driven app not only analyzes whether a customer is under or over-insured, but also analyses any gaps or duplication in coverage.
London-based startup SPIXII uses artificial Intelligence and machine learning software to offer customers insurance policies through an automated insurance app. The app creates a WhatsApp-like chat on a smartphone where a robot will ask simple questions and figure out what the user needs. Built on principles of neuro-economics and the integration of user data with contextual data from multiple sources, SPIXII is an insurance chatbot designed to speak to consumers just as a person would to bring in a more personalized experience.
Health IQ Insurance Services is an insurance company for health-conscious individuals that delivers better rates to people who look after their wellbeing. Health IQ believes that health conscious people should not overpay for insurance—research shows that those who proactively take care of their health do better in health tests—so the company negotiates with big insurance companies like Prudential and Securian to provide life insurance with a 4% discount for people who pass the health assessment. Users are eligible for another 4% discount if they meet certain thresholds like exercising on a daily basis.
The use of AI and machine learning is just one way that insurance agencies are streamlining their services. For insights into the industry, see PSFK’s report Optimizing The Digital Insurance Experience.