Working towards a common goal with insurtech
“Insurtech startups are regularly pitted against insurance companies in a race to win, but the truth is that we both have a common goal—to build better relationships with consumers who are disengaged.”
This is according to Renaud Million and Alberto Chierici, two of the three co-founders of insurtech startup SPIXII.
SPIXII is one of more than 20 startups discussing the insurance market at the annual Intelligent InsurTECH conference on October 3 in London. Click here to find out more.
“There’s a huge disconnect in insurance as a product (a social creation that’s helping more people get protected) and how people see insurance,” explained Million.
The London-based startup’s first product is an AI-powered chatbot, aimed at transforming the digital experience.
The chatbot is designed to provide customers with a step-by-step guide through buying insurance, filing claims and customer service.
The co-founders of SPIXII decided to take a “‘one step at a time” approach rather than having the full customer journey undertaken by a bot.
“Insurance knows it needs to innovate, but it can’t be overhauled overnight,” explained Million.
The benefit of a step-by-step process means that insurers get to trial the product, and figure out what works and what doesn’t.
SPIXII’s code is non-invasive, meaning it can be placed straight into an insurer’s legacy system.
The eventual aim is for the whole customer journey to be taken over by a chatbot, creating a fully automated process.
Chatbots have arrived. Over the past few years, they have entered the mainstream consciousness, at the same time as the insurance industry has begun to push digital innovation on to the agenda.
But according to Chierici, chatbots will not replace employees in customer service teams.
Instead, the bots will increase revenue by undertaking the simple processes, while also making sure that team member have time to talk to people and solve complicated problems.
SPIXII is one of more than 20 insurtech startups attending Intelligent Insurer’s Intelligent InsurTECH conference on October 3 in London. Click here to find out more.
