We are working with many clients and platforms to provide insurance and insurance services and we have noticed a sea change in the last few months. This sea change is that AI is coming. AI became generally available in the insurance industry around 4 years ago (2015) with the funding of a few insurtechs and the likes of IBM trying to gather data into their Watson AI engine. The big promise is that it will be used to improve the process of dealing with claims and placing insurance and pricing.

Tasks such as measuring the ground floor distance to the surrounding ground level for flood, looking at the pitch of the roof of a building, answering questions through a bot, looking at car dealerships for hailstone risks, determining damage to cars and phones via computer vision or viewing crop growth via satalite images, These are all things that AI can do - AI is not one thing, it is many things.

At Microinsurance we have a vision for our AI process and use of AI and Machine Learning is central to this. These technologies will power our vision. The vision is to turn the human effort around - the processes starts with our customers and ends with customer satisfaction.

  1. Customers enter data - take pictures, answer questions, upload documents, integration with Apps. This data is then used in the claims or policy process to speed up and give accurate results.
  2. The AI processes the data, aligns the results, completing a recommendation, gaining approval, sending a policy or closing the claim.
  3. This is all based on zero human processing by Microinsurance. This is the vision, speed, accuracy and transparency.

Data Entry; AI Processing; No humans involved

Each product we develop will have a profile of Easy Customer Data Input; AI processing; Zero human input for MI.

Why is this important?

Our insurance products are integrated into our client platforms and operations. Because our insurance products back client service operations its essential that our business can scale through tech. Our vision fully supports our clients growth ambitions by limiting the impact of our products and services on their processes, whilst delivering essential insurance cover for their customers.

At Microinsurance we are focused on changing the way business insurance is developed and processed. We are insurance with AI built in, API. We are in the forefront of that change; developing policies by the season, job, by the hour, by the day and by the Km, thus fitting our model to that of the platforms and the way small and micro businesses see risk. We are unbundling business policies so that the cover offered fits with peoples and business needs or the actual job or process being undertaken. Making Business Insurance transactional.

Posted in InsurTech blog, MicroInsurance blog on Nov 04, 2019