Startups Reinvent Insurance
Startups with great ideas and insurers that want to innovate get together in accelerators.
I am working very closely with insurance partners. Our partners include 16 major insurance brands that work directly with the startups to speed traction. We also have a network of investors and mentors. We leverage all of those people, all of those resources, to actually accelerate the startups.
One part of what we do is educational, the other part is about interacting with the right people, to work on the right insurance projects and then win investment as well.
In the underwriting area, insurers are gradually looking at ways to augment their scoring abilities, not only using internal data but leveraging external data sources. This includes personal and social data to better understand the profile of their customers so they can design more interesting products for them.
In servicing functions, digital assistants operated by artificial intelligence are automating processes. Such assistants will remove people from departments and make repetitive processes a little bit more interesting.
Now AI, like Alexa, allows you to believe you are talking to a human. Insurers are investigating this to improve their customer servicing too.