The 7 Building Blocks of InsurTech

Kenneth Tan
Mar 5, 2019 · 3 min read

2019 will be the year where many technology companies embark on innovative solutions that will help their customers improve productivity, sales, customer satisfaction through Artificial Intelligence (A.I) and Blockchain technologies. We are no exception and we want to showcase our innovative solutions to the Insurance industry, making an impact!

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The 7 Building Blocks of InsurTech

Hearti took this opportunity and developed an innovative platform called SURETY.AI catered for the Insurance companies. This blockchain based artificial intelligence (A.I) platform 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. We use A.I. to provide a seamless distribution channel, responsive customer service, frictionless claim processing, and advanced fraud detection.

The SURETY.AI platform consists of 7 core modules (built with modularity in mind) that can accelerate most Insurers’ digitalisation efforts and their need for technological innovation. Below is the breakdown of the functionalities in each module:

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  1. Product Offering module builds profiles from customer demographics and behavioral (social media, enquiries, policy purchases and claims) data to enable cross/up selling of products. It also lets the insurance product team easily create, configure, and activate custom insurance products on the platform for customers.
  2. Customer Service module has a chatbot that answers customer queries and continually improves and learns from logged customer queries through feedback mechanisms built in within the dialogue flow and user interface. A dashboard displays chatbot summary statistics and analytics for management and monitoring purposes.
  3. Dynamic Pricing module uses customer analytics and external information (market prices and news) to intelligently generate and communicate dynamic customer-specific pricing.
  4. Policy Purchase module integrates with the insurers back-end pricing and policy engines to provide real-time quotations and facilitates instant policy purchases, endorsements, and renewals.
  5. Claims Management module allows customers to submit claims through a forms based interface or a conversational interface (chatbot) via the web or mobile. Image analytics is used to facilitate the extraction of information from supporting document images. Web based administrative dashboards provide summary statistics as well as claims review and processing capabilities for the internal claims handling team.
  6. Fraud Detection module detects potentially fraudulent claims anomaly detection based on both customer behaviour and historical benchmarks.
  7. Mobile Payment module allows insurers to pay claims quickly by facilitating receipt of claim payments into the customer’s mobile wallet, and for customers to purchase policies using the wallet. Transfers of claims directly into the customer’s bank account is also possible with PayNow Corporate (Singapore).

Kenneth is currently the Chief Marketing Officer, directing business development, marketing and operations at the Hearti. Hearti provides an InsurTech platform that utilises Artificial Intelligence (A.I), Data Analytics, and Underwrites Insurance Smart Contracts on Blockchain. Our Platform enables Insurers to manage healthcare and insurance events, claims, product distribution and fraud detection. Hearti provides Digital-First Insurers a new way of doing business using disruptive technologies such as Blockchain and A.I with a Customer-centric Approach.

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