Bright future of the robotic insurance

AI is likely to play a big role in the future of insurance – instead of filling our long forms and lengthy telephone calls it will be a robot that will be doing the talking…so be prepare, it is time for the robotic insurance.

If you buy insurance from start-up SPIXII, prepare to do business with a robot. There’s no need to fill out lengthy forms or put up with being transferred endlessly from one department to another. Instead, a chatbot is used to help match the customer’s needs with the most suitable products.

Alberto Chierici, one of the three co-founders (and COO) of SPIXII, says: “We started the company because we wanted to make insurance easier to understand for people who are less financially sophisticated and to simplify the buying process.

“We decided to use chatbots – not because they were cool, but because young professionals, the millennial generation, use messaging devices such as Whatsapp, Facebook and chatrooms to ask for insurance recommendations from friends. But the information they found through chat rooms was not always enough to make a decision.”

He tells me research shows people are communicating more and more through messaging devices – out of the top five apps people most frequently use, two are messaging ones while the others include email and social media.

Chierici explains that by using a chatbot consumers can buy insurance in a similar environment to the one they were communicating to their friends in. It also makes things less complicated as there is no need for filling out long forms.

It is an area where a lot of insurers are starting to develop. As a relative newcomer to the sector, SPIXII is getting a lot of industry support in developing its artificial intelligence system. The start-up has been backed by Startup Next and Startupbootcamp InsurTech, which have offered them funding, mentorship and office space.

This article was published in our Business Reporter Online: Future of Insurance.

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