LIFE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | May 26, 2023
Sproutt, the life insurance company that modernizes life insurance for agencies, agents, and their customers, has announced the development of a groundbreaking AI engine, currently available only to limited groups, to boost its SmartLife platform. The platform's capabilities will be supercharged by generative AI technology, empowering agents and agencies with more predictive product fulfillment and "first in the industry" client engagement capabilities based on Large Language Models (LLM) technology. The introduction of AI will revolutionize the way agents interact with clients and marks a significant milestone for Sproutt, further demonstrating its commitment to providing cutting-edge technology solutions within the life insurance ecosystem.
Sproutt's SmartLife platform is leveraging the power of generative AI to create unique and personalized client communications based on multiple data sources and previous interactions with clients. By evaluating this data, the platform will generate relevant and timely content that agents can utilize to enhance customer engagement and sales. Events such as a client's policy anniversary, renewal date, birthday, and even local sports team news can be factored in to trigger precise communications. SmartLife's user-friendly interface enables agents to easily navigate and access the information they need to be successful.
The platform will also be boosted by AI driven product recommendations, employing multiple data sources to deliver tailored product solutions for each client. Predictive modeling capabilities will enable agents to anticipate future client needs, further elevating their potential. Leveraging AI for product fulfillment will overhaul the insurance sales process, increase STP rates, and effectively transform agents into experts.
"The goal is to arm agents with the best tools and technologies to help them build strong client relationships and supercharge their sales efforts," said Craig Shigeno, CEO of Shigeno Consulting. "By employing generative AI, agents will have instant access to personalized content that resonates with their clients, generating more effective outreach and saving valuable time."
"As we continue to expand our offerings, we see the SmartLife platform as a game-changer for the life insurance industry," said Yoav Shaham, CEO of Sproutt. "With the integration of AI, agents will have the ability to sell more effectively and communicate more efficiently with their clients, ultimately leading to greater customer satisfaction and increased sales."
Sproutt is a life insurance company that modernizes life insurance distribution for agencies, agents, and their customers. Leveraging data and AI, the Sproutt SmartLife platform is set to reshape Life insurance distribution. The platform empowers insurance producers to efficiently assess risk, tailor policies, and enhance customer experience in the most effective and scalable way. Sproutt sells its policies through agents and brokers via its SmartLife for Agents and Agencies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, MS&AD Ventures, MoreTech Ventures, Harel Group, Menora Mivtachim, Raptor Group, and Falcon Edge Capital, Sproutt's business operations are based in New York with an R&D center in Tel Aviv.
CORE INSURANCE, RISK MANAGEMENT
Businesswire | March 28, 2023
Insurify, Inc. (“Insurify”), America’s top-rated virtual insurance agent to compare, buy and manage insurance, has completed the acquisition of Inspop USA, LLC and its subsidiary, Compare.com Insurance Agency, LLC (“Compare.com”), a pioneer in the U.S. online auto insurance comparison market.
Compare.com was founded by Admiral Group, plc (“Admiral”), one of the UK’s leading auto insurers and a member of the FTSE 100, which retains a minority stake in Insurify and continues to serve as a strategic shareholder.
“We are thrilled to welcome the talented Compare team, and the well-established brand, and proven technology into Insurify. This combination allows Insurify to realize the benefits of the respective brands, platforms, and operations to effectively deliver next-generation solutions to consumers and carrier partners. Together, our complementary insurance capabilities will continue to strengthen Insurify’s market position as we build the preeminent and most trusted digital insurance agent,” said Snejina Zacharia, founder and CEO of Insurify.
Costantino Moretti, Head of International Insurance, Admiral Group said, “I’m really proud of everything that Compare.com has achieved over the last decade. This acquisition is a positive outcome, but it’s always sad to see valued colleagues leave the Admiral family. On behalf of Admiral, I would like to thank our Compare.com colleagues for their contribution to the Group and their unwavering commitment to customers - and wish them all the best as they enter this new phase.”
This transaction does not impact Admiral’s U.S.-based insurance business, Elephant, which is an entirely distinct business.
Perella Weinberg Partners LP served as financial advisor and Clifford Chance US LLP served as legal advisor to Admiral. Morgan, Lewis & Bockius LLP served as legal advisor to Insurify.
Based in Cambridge, MA, Insurify, America's top-rated virtual insurance agent, provides expert advice and empowers customers to securely compare, buy, and manage their auto and home insurance policies from the largest selection of accurate quotes. With more than 70 million quotes served and $200B in insurance coverage, Insurify has won several insurance industry awards, including Forbes NextBillion Dollar Startups of 2022, WPO’s 50 Fastest Growing Women-Owned and -Led Companies 2022, Inc.’s 5,000 fastest-growing private companies in America of 2022 and 2021, Forbes Fintech 50 List for 2021, Stevies’ Gold International Business Award for a Medium-Sized Insurance Company 2021, EY’s 2021 New England Entrepreneur of the Year, and Insurtech Insights’ Future 50 2021.
Compare.com is an online comparison platform that allows consumers to receive side-by-side comparisons on auto insurance quotes with real prices from more than 60 of the country’s top carriers. Since its launch in 2013, Compare.com has helped more than 7 million customers switch and save on their auto insurance, putting over $300 million back in US consumers’ wallets. Headquartered in Richmond, VA, Compare.com was founded by Admiral Group, plc, one of the UK's leading auto insurers and a member of the FTSE 100. For more information, visit www.compare.com.
About Admiral Group
Admiral Group plc is an FTSE100 global financial services company offering motor, household, travel and pet insurance as well as personal lending products. Established in 1993 in the UK, the Group now has offices in Canada, France, Gibraltar, India, Italy, Spain, and the U.S.
CORE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | May 12, 2023
Guaranteed Rate Insurance LLC, one of the fastest growing national insurance brokers, today released a proprietary digital insurance API. This new platform provides Guaranteed Rate Insurance business partner customers an immediate way to compare and purchase home, auto, life and other insurance policies at the point of sale.
Guaranteed Rate Insurance's new API provides a method for its business partners to cater to its customers' insurance needs by seamlessly connecting storefronts with authorized insurance agents who have already prepared a range of preliminary coverage choices. This innovative tool ensures consumers can access, review and purchase competitive insurance policies precisely when protection is required or highly recommended.
"As part of our commitment to providing the best possible products and service to our customers, we are continually increasing our reach by expanding our partner network and ensuring we are the easiest independent fintech insurance platform to work with," said Jeff Wingate, Head of Guaranteed Rate Insurance and Executive Vice President. "Our API is fully secure, so customers can trust that their personal information is safe and protected throughout the insurance purchasing process."
The Guaranteed Rate Insurance proprietary API is a "win-win" for customers and business partnerships. Business partners can offer insurance solutions as part of their product offering which creates a user-friendly, hassle-free and beneficial purchasing experience. Customers win by insuring and protecting their home, auto and major purchases at the point of sale in a fully secure, easy-to-use manner.
"With the introduction of the partner API, we move closer to achieving fully embedded digital insurance marketplace offerings," said Ryan Haggard, Guaranteed Rate Insurance's Vice President and Head of Insurance Product and Technology. "When a customer is transferred to Guaranteed Rate Insurance, the API has all the data needed for our agents to deliver instantaneous insurance quotes."
Guaranteed Rate Insurance looks forward to expanding this insurance offering to as many business partners as possible, including real estate brokerages, mortgage servicers, auto dealers and home inspection companies. To learn more about Guaranteed Rate Insurance business partnerships, contact firstname.lastname@example.org.
About Guaranteed Rate Insurance
Guaranteed Rate Insurance is a national insurance brokerage, licensed in all 50 states, that offers comprehensive personal, commercial, specialty, and life insurance products. Founded in 2008, Guaranteed Rate Insurance is owned by Guaranteed Rate, the second largest retail mortgage lender in the country. Guaranteed Rate Insurance has built a reputation on providing customers with impeccable service as demonstrated by its 98% customer satisfaction rate*. Combining a growing team of insurance agents and a robust digital platform, Guaranteed Rate Insurance searches for great rates from more than 50 top-rated insurance carriers, while providing a "personal shopping" experience. Visit rate.com/insurance for more information.