Toronto, ON (Oct. 10, 2019) – International Data Corporation (IDC) Canada just published an IDC Innovators report profiling five companies that offer solutions that enhance insurance sales processes using advanced technologies like AI, natural language, cognitive processes and cloud. The five companies named as IDC Innovators are Chisel AI, Finaeo, League, PolicyMe and ProNavigator.
The five InsurTechs identified in this document are focused on increasing the efficiency of insurance sales processes and facilitating the introduction of new products solutions across the P&C industry. The industry is striving to move away from processes that require extensive manual intervention to digital solutions and innovative products that have the potential to transform it. These include digitizing the sales process by using voice and text interactions that minimize the need for human intervention. The challenges that InsurTech companies face in having their solutions adopted is the cautious way changes are made in the Canadian insurance industry, the large number of small brokerage companies, and the tendency of clients to prefer personalized services over do-it-yourself solutions. This need for hand holding has been exacerbated by the complexity built into many of the insurance products solutions and processes.
“The future potential of the companies reviewed in this document will be dependent on the ability of the insurance industry to have policyholders accept self-serve processes,” says Robert Smythe, research associate, IDC Financial Insights. “This will require determining how to make clients and prospects adopt self-serve digital processes, as their preferred means of interacting with advisors and insurance providers.”
- Chisel AI performs data extraction, policy checks, quote comparison, submission triage and submission prioritization in minutes instead of hours while reducing E&O exposures.
- Finaeo provides a marketplace that uses automated technology to help insurance advisors source the best policies for their clients in a fraction of the time.
- League provides companies with digital health insurance and wellness program services for life and disability coverage for their workers without paperwork and long wait times for claim reimbursement.
- PolicyMe offers basic term insurance, so fees can be kept low so life insurance is more affordable. The advice component is different from other online offerings, as it only provides quotes for insurance after a detailed assessment of the user needs.
- ProNavigator automates and accelerates insurance industry workflows through an AI-based platform, offering chat and voice assistant solutions that provide clients with 24 x 7 support – increasing efficiencies, retention, and lead generation.
The report, IDC Innovators: Canadian Insurance Sales Automation, 2019 (IDC#CA44506819) profiles five emerging vendors that offer sales enhancement solutions using digital technology, with four of the five incorporating artificial intelligence (AI) solutions and two with natural voice and cognitive capabilities. The document was published to the IDC Financial Insights: Canadian Financial Industry Strategies program. Please contact [email protected] if you wish to speak to the authors of the report or learn more about the document.
About IDC Innovators
IDC Innovators reports present a set of vendors – under US$100M in revenue at time of selection — chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor’s company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of IDG, the world’s leading technology media, data, and marketing services company. To learn more about IDC, please visit www.idc.com.
About Chisel AI
Chisel AI’s purpose-built solution for commercial insurance carriers and brokers reads unstructured insurance data 400 times faster than a human – and with much greater accuracy. Our advanced AI platform and intelligent workflows fuel the automation of high volume, mundane underwriting and brokering processes, enabling insurers to double their business and optimize the customer experience without adding staff. Chisel won Gold at the 2019 Zurich Innovation World Championship and won the ACORD InsurTech Innovation Challenge in 2018. For more information, visit www.chisel.ai.
Chisel AI was the first participant in the InsurTech Spotlight.
Finaeo is a high-growth insurtech startup revolutionizing the life insurance marketplace with an advisor-first digital platform. The diverse leadership team brings together deep industry knowledge and extensive tech experience, placing Finaeo in the #1 position to modernize the insurance industry. And with just 3 years under its belt, Finaeo is already challenging global industry standards and breaking down the barriers between advisors, clients and providers. For more information, please visit finaeo.com.
Learn more about Finaeo in the InsurTech Spotlight.
League is the leading digital benefits platform for the modern workforce, turning benefits into a competitive advantage for employers, while managing costs and empowering employees to take control of their health with a category-defining Health Benefits Experience: HBX™. League’s cloud-based infrastructure connects forward-thinking businesses and their employees with health insurance, flexible spending accounts, health content, curated health journeys and on-demand, live health support. League unlocks employee benefits to give everyone the power to act every day and live longer, healthier lives. For more information, visit league.com.
PolicyMe is a digital insurance company that is making life insurance simpler and more affordable by revolutionizing an industry that has been historically slow to adopt technological change. PolicyMe uses modern technology to give smart, honest & personalized advice on the type and amount of life insurance users need, before allowing shoppers to compare products across trusted providers in the industry. Their straightforward, stress-free digital application process allows consumers to quickly submit an online application (via mobile, computer or tablet) for a life insurance policy without multiple face-to-face meetings with a broker.
PolicyMe is on a mission to make life insurance simpler and more affordable for anyone who needs it. You can take their free, automated life insurance check-up to get a personalized recommendation in less than 5 minutes at www.policyme.com.
Learn more about PolicyMe in the InsurTech Spotlight.
ProNavigator is a technology company that is 100% insurance-focused and provides a purpose-built AI-powered chatbot to deliver on-demand customer service for sales, service, underwriting, and claims. Leading P&C & Life insurance companies and brokerages are leveraging our pre-trained natural language understanding models to automate inquiries and provide a predictably great experience through both voice and chat. For more information, please visit pronavigator.ai.
Learn more about ProNavigator in the InsurTech Spotlight.
Source: International Data Corporation (IDC)Tags: automation, Chisel, Finaeo, InsurTech, International Data Corporation (IDC), League, PolicyMe, ProNavigator