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.
AUTOMOBILE INSURANCE, INSURANCE TECHNOLOGY
PRnewswire | March 27, 2023
Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing insurtech, today announces its partnership with TrustedChoice.com, the nation's largest digital marketing platform for independent agents and brokers.
With access to TrustedChoice.com's extensive insurance marketplace and more than 240,000 independent insurance agents, Cover Whale can deliver its coverage to thousands of commercial truck drivers across the country. In parallel, independent agents who don't currently have access to Cover Whale for their clients can now have a seamless, digital path to the company and its products through their TrustedChoice.com membership.
"Our team is always looking for new ways to connect insurance agents with truck drivers," said Dan Abrahamsen, CEO of Cover Whale. "This partnership enables us to deliver instant quotes to more agents with trucking clients, and more coverage to America's safest drivers and small fleets. TrustedChoice.com's vast network also gives us more opportunities to deploy our Driver Safety Program to make roads safer for everyone.
"Cover Whale's high-tech approach to trucking insurance makes them a great addition to our network of insurance company partners who support independent agents on TrustedChoice.com. Including Cover Whale in our national directory and searchable market finder tools will bring awareness of their unique product offerings and help more agents get connected with them", says Vincent Savarese, SVP Company Relations at TrustedChoice.com.
About Cover Whale
Cover Whale, an insurtech founded by experienced insurance and technology veterans, focuses on technology, underwriting, and data to provide innovative insurance programs for the commercial auto industry. Cover Whale's unique Driver Safety Program combines coverage with telematics, dash cams and real-time driver coaching to reduce claims, keep drivers safe and save lives on America's roads. Cover Whale delivers its product through more than 5,000 agents with the industry's fastest, most agent-friendly online quoting experience. Maintaining excellent agent relationships has driven more than $400 million in premium through the Cover Whale platform. With a fundamental belief that safe driving should be rewarded, Cover Whale-insured drivers may receive up to 15% off when renewing their auto liability policy. The company has been named one of America's Best Startup Employers on Forbes' 2023 list. For more information, visit www.coverwhale.com. Stay up to date with Cover Whale on LinkedIn, Facebook, and our blog.
TrustedChoice.com builds leading digital insurtech marketing solutions for the independent insurance agency channel. TrustedChoice.com's solutions suite empowers independent agents and insurers to compete in a digital-first marketplace. Its Advantage digital marketing platform enables agents and insurers to scale their brand visibility in order to gain and retain clients. The TrustedChoice.com consumer website has attracted over 36 million visitors to date and offers online insurance consumers a retail-like buying experience, connecting the right risk to the right agent at the right buying moment. For more information visit: https://www.trustedchoice.com/advantage/.
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.