Founded in 2014 by Keith Lim, a serial entrepreneur, Hearti has the vision of bringing financial services to the unbanked and uninsured population of Asia.
Hearti has since expanded from Singapore into Indonesia, Thailand, Malaysia and Vietnam, where we help our insurance clients tap into more financially inclusive channels through the use of our Artificial Intelligence platform, SURETY.AI. With committed subscriptions totaling more than USD5 million to date, SURETY.AI has been experiencing fast month-on-month growth since its launch in mid-2017.
The Great Asia Opportunities
There are about 4 billion people in Asia and it is the fastest growing continent with an average of 5.3% GDP growth forecast for the next few years.
Asia is also the continent with the largest unbanked and uninsured population. More than 60% of the adults in Asia do not have a bank account in some regions, and many more do not have basic insurance protection in life, property, accident, and health. Without a bank account or credit card, purchasing an insurance protection that requires consistent and long-term premium payments is almost impossible. This means that when an unfortunate event happens to a breadwinner, property or business, the lives of many related members get disrupted, or worse, destroyed. Such events usually put the less fortunate and lower income groups in more difficult situations than what they are already experiencing. Many will miss out on the economic miracles Asia has to offer as a consequence.
With almost two-thirds of the vast population of Asia now using smartphones, growing demands for technology-driven solutions will push insurers to enhance digital capabilities in 2018 and beyond. In 2016, for example, there were approximately 330 million online insurance customers in China, an increase of more than 40% from the year before, according to Ant Financial and CNBData. These numbers will continue to grow as consumers in Asia demand mobile solutions in buying insurance, and they want it simple, affordable, and on-demand.
With artificial intelligence (A.I.) technology, buying insurance online can be a more enjoyable and rewarding consumer experience. In 2017, Hearti collaborated with IBM to develop a chatbot that provides price quotations and answers for insurance purchases and claims. Sompo Insurance Singapore Pte. Ltd was the first insurance company to use the chatbot, which was trained to ‘learn’ from Sompo’s database of answers to queries on travel, personal accident, motor, and home insurances.
Hearti has since expanded from Singapore into Indonesia, Thailand, Malaysia and Vietnam, where we help our insurance clients tap into more financially inclusive channels through the use of our Artificial Intelligence platform, SURETY.AI.
Apart from using A.I., insurance companies are also increasingly looking to create more innovative and “easy to understand” features such as micro-insurance products.
Micro-insurance is insurance with low premiums and low caps / coverage where each insurance policy generates a small financial transaction. This type of insurance product can cover health insurance contracts, any contract covering one’s belongings, such as gadgets, livestock, tools, or any personal accident contract, either on individual or group basis. Therefore, it can provide a wide range of protection, yet remains affordable and simple to understand. The low insurance premium also makes it easier for payments to be made through mobile. Similar small mobile payments are commonly used for other small transactions such as for food and beverages.
The SURETY.AI Platform
Hearti has developed SURETY.AI as an A.I. platform that allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices. We use A.I. to provide a seamless distribution channel, responsive customer service, frictionless claim processing, and advanced fraud detection. We envision that SURETY.AI will be widely adopted by insurance companies in Asia to serve millions of unbanked and uninsured consumers.
The key modules of SURETY.AI are:
The blockchain is a decentralised database that maintains a continuously growing list of ordered records. It was first used in 2009 as the basis for the digital currency Bitcoin. Since then, the technology has evolved drastically. Now it is one of the cutting-edge innovations, and has been heralded as the greatest revolution since the Internet.
The main advantages of the Blockchain technology underpinning its success are disintermediation (no central agent is required to approve transactions), immutability (all transactions cannot be altered or deleted), reliability (database is replicated on a large network of servers and does not have a central point of failure), and transparency (changes to public domains are publicly viewable by all parties).
By building SURETY.AI on blockchain, Hearti is taking advantage of the technology to store decentralised customer data, insurance transactions, policies and claims in smart contracts.
Hearti has developed SURETY.AI as an A.I. platform that allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices.
The opportunity thus exists to introduce blockchain technology, with its decentralised and immutable ledger paradigm, to enable a new trust economy for the insurance ecosystem.
We envision creating an ecosystem comprising of partner insurers, banks, payment processors, and merchants from retail, healthcare, and automobile repair sectors. Insurance policy purchases and claims transactions involving ecosystem entities would be recorded onto the shared ledgers by shared programs (smart contracts) using mutually agreed upon conditions.
Part 4 of this series will discuss the benefits that SURETY.AI is bringing into Asia.
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
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Website: https://surety.ai
Whitepaper: https://surety.ai/whitepaper.pdf
Video: https://youtu.be/rlc8zqACbcM
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Support Email: support@hearti.io
