Filling The Void Of The Lack Of A Low-Cost, Full-Featured A.I. Platform For Insurance Management
PROBLEM IN THE INSURANCE INDUSTRY
The technological levels in the insurance industry have remained roughly the same for the past decades. Insurance consumers enjoy very low switching costs; the market is very fragmented and highly saturated, which means that little power is held by each insurer.
The growing prevalence of the internet has increased transparency and made insurers more accountable to their customers. In addition, the invention of comparison sites means that consumers can easily compare hundreds of insurers, which makes switching at the end of the contracts very easy. Insurance in general is very price driven, as there is little difference between the basic insurance policies. Insurers currently therefore have to compete on price. Loyalty is also very low in insurance as there is little differentiation between insurers and their products.
USE CASE — SOMPO INSURANCE (SINGAPORE) PTE LTD
Sompo’s customers are mainly individuals with very different, personalised needs. Today’s consumers want more control and flexibility according their choices and preferences.
Research by Bain & Co. done in 2016 reported that 60% of Asian consumers value a platform of services, e.g. if they insure their houses, they would also want to insure its contents. Consumers are becoming more mobile, and more demanding in terms of the products they purchase. They would want the right coverage, at the right price, and at the right time.
In view of the industry challenges and consumer demands, Sompo has decided to implement Surety.ai at an enterprise-wide level since Q3 2017. With SURETY.AI, Sompo is able to design on-demand insurance products that empower consumers to insure things anytime, anywhere. Sompo believes that cutting-edge technologies such as artificial intelligence are critical in making on-demand insurance popular with consumers.
Sompo intends to offer such On-Demand Insurance using Artificial Intelligence for:
- Travel Insurance — to cover selected activities and high value purchases made during the trip
- Personal Effects Insurance — to cover watches, jewellery or even handbags.
- Personal Accident coverage for activities — e.g. Triathlon, cycling event etc.
SURETY.AI would also enable Sompo to offer personalised insurance with dynamic pricing. This means that insurance premiums are adjusted based on consumer behaviour, external risk factors (such as weather and natural disasters) and market conditions. This will address the current challenge where insurance products are non-differentiated and “off-the-rack” prices are fixed.
WHAT’S NEXT FOR SURETY.AI?
Closely following the developments in the artificial intelligence and blockchain space, Hearti will be introducing industry-first features to the SURETY.AI product in the coming year. One such example is the inclusion of image-detection capabilities that will expedite the underwriting and claims process for personal items insurance as well as a migration of user data onto the blockchain to ensure greater security, efficiency in training AI models and transparency of transactions. Hearti Lab Pte Ltd is currently present in Singapore, Thailand, Indonesia and Vietnam, with plans to expand beyond.
ABOUT SURETY.AI
SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).
SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.
As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.
Find out more about SURETY.AI through this short and informative video! 💻
https://www.facebook.com/theheartilab/videos/1961164747258772/
OFFICIAL CHANNELS
Telegram Group: https://t.me/suretyai
ANN: https://t.me/suretyaiinfo
Website: https://surety.ai
Whitepaper: https://surety.ai/whitepaper.pdf
Video: https://youtu.be/rlc8zqACbcM
Medium: https://medium.com/theheartilab
Facebook: https://www.facebook.com/theheartilab/
LinkedIn: https://www.linkedin.com/company/theheartilab/
Twitter: https://twitter.com/theheartilab
Support Email: support@hearti.io
This article originally appeared on AI Singapore, Kelaberetiv.
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