Good, Fast, Cheap: Getting All Three with AI and Machine Learning
This week, Forbes published an article about how AI and Machine Learning are becoming buzzwords, and are in danger of losing their meaning. At Kin, we couldn’t agree more.
Putting jargon in a pitch deck or site copy can get attention, but what keeps attention (and customers) is a memorable experience and a product that’s better, faster, and cheaper.
If we may be so bold, we’d like to show everyone how that’s done.
What stinks about traditional home insurance, other than everything?
Where to start? The process is terrible. It takes a long time, and it is rife with errors — what’s your fire class protection code? If you don’t know, make something up? It’ll be close. Probably. And then you’re trusting an agent’s expertise based on TENS of new homes that they’ve insured this year to give you the best advice, tailored to your home.
Then, you’ll likely keep the same home insurance for YEARS, even though how much it costs to rebuild your home will change constantly, as will the world around you.
That’s where AI and Machine Learning come in. These tools can ingest more data than an agent can, and make better recommendations than an agent can, because they allow for changing suggestions based on the shifting risks facing homeowners.
Making Life Easier
We’ll make this point with a relatively simple ask — how can our new platform help a customer looking for insurance for a modest, single family home in Jacksonville (the same home that generated the long form above)?
Well, this is our result — a pricing estimation, and an explanation of why the price is what it is.
And then, we’re able to make recommendations based on coverages for similar homes in similar areas, and we’re transparent about the suggestions — it’s easy to see our assumptions and change them as you deem necessary. Moreover, our future recommendations will change, in part, based on how people modify their coverage selections.
There’s more to home insurance than just you home, though. There are outside structures and objects, like garages and golf carts.
With over 1,100 golf courses in Florida, there’s no doubt that Floridians like to golf. And with that many courses, there are a lot of golf carts.
Again, a simple suggestion that’s automated because of what we can learn about the home —it looks like you might have a golf cart. Do you? If so, we can cover it for $.21 per day.
And the kicker — it saves money
15–20% of a typical home insurance premium goes to pay an agent’s commission. That’s a lot of money!
The nice thing about our AI is that doesn’t require food, shelter, or greens fees for “business meetings,” so it demands no commission. We pass these savings on to the customer.
We’re dedicated to putting the customer first, and we’re excited to see how customers use the new platform to get a quality insurance policy, faster.
