The Hot New Thing Everyone’s Throwing Money At – Omnidya AI – Medium
In a world where everything is continuously propelled forward by innovation, the insurance industry has long lagged behind.
But not so anymore.
Yep. $70 million.
2018 was a record-breaking year for insurtech company funding. In the first half of last year, over $1.2 billion was raised in the top 10 insurtech deals.
“My mind on my money and my money on my mind.” — Snoop Dogg, “Gin and Juice”
The point is, the insurance industry is exciting now. Innovation courses through it. Companies are now forced to pioneer, lest they fall behind.
Ya gotta Daniel Boone it up to keep up.
Artificial intelligence is a major component of the current transformation of the insurance industry.
GEICO’s intelligent assistant, Kate, is currently available within the GEICO app for iOS and Android — and can answer questions about policy coverages, billing information, or help you get a faster answer to other inquiries.
“Consumer cloning, though?” you ask. Yes, that’s us. We create a bot version of you to shop in your place, so you can spend your time on more important things…like spending time with your family. Or watching Black Mirror.
But AI isn’t the only thing transforming insurance. Blockchain is now being utilized for purposes such as fraud prevention, and back in March of 2018, 70% of insurers were already using cloud computing.
Just what’s so great about Hippo and Lemonade, though? Why exactly were they given so much money? Check out this report done by JP Morgan and BCG that shows 60% of insurants are unhappy with their service providers, while 50% consider turning to newer models.
Everything has evolved to become more convenient. Instant gratification is commonplace now, and customers expect more. Hippo and Lemonade streamline and simplify the process of buying insurance.
No wonder everyone’s throwing money at them.