(Image credit: AdobeStock.)
Hippo (Mountain View, Calif.) a startup insurer dedicated to providing a simpler process to help homeowners find more appropriate coverage, and Elafris (San Francisco), supplier of an artificial intelligence-powered virtual agent platform for the Insurance industry, have signed a technology partnership agreement that will allow Hippo to create its own virtual agent chatbot infrastructure. Hippo will use Elafris’ technology to grow the its customer base and scale-up its sales and marketing operation, according to a joint statement.
Hippo aims at addressing a demand for home insurance that is more easily purchased online directly, and offers more transparent coverage that is suited to modern lifestyles while charging lower prices, according to a joint statement from the vendors.
“The new age of technology requires a new approach to providing insurance to an increasingly connected and demanding customer base,” comments Jake Diner, founder and CEO, Elafris. “Our virtual agent technology allows insurance providers to radically transform the way they acquire new customers, boost their customer reach and engagement, increase conversion rate and customer satisfaction, and ultimately grow their business faster and more efficiently. We are looking forward to working with Hippo as they move to revolutionize the home insurance industry.”
Elafris characterizes itself as a pioneer the integration of artificial intelligence into messenger platforms, precisely tailored for the insurance industry. Founded by FinTech & IT veterans, the company has developed solutions to help clients engage better with the growing digital and mobile customer segments. Today, Elafris’ AI platform is used by a number of major national insurance companies.
InsurTech is driving changes not only the way insurers personalize insurance, but also in redefining the insurance product itself, according to Karen Furtado, a partner with Boston-based research and advisory firm SMA. “The homeowners product has been somewhat of a laggard in adopting to the new needs of insurers—whether that is the coverages and limits that are applied or in the way they educate the consumer about the ‘Smart home’ possibilities,” she says. “Homeowners is ripe for disruption. It is positioned well for a higher engagement model with the policyholder as the home is an incredible store of data and information that will continue to mitigate the risks that are inherent with this line of business.”
Instant Quotes via Facebook Messenger
“We’re excited to partner with Elafris to leverage their unique platform to provide an intelligent virtual agent chatbot for our customers,” comments Aviad Pinkovezky, Head of Product, Hippo. “Today’s customers expect on-demand, personalized service in every interaction, from purchase to claims to support questions. Using Elafris’ technology to deliver instant quotes over the Facebook Messenger platform will enable us to provide best-in-class service to our customers however they wish to interact.”