To coincide its 10-year anniversary, Insurify launched what it called the first ever insurance app on OpenAI’s directory, which caused the stocks of brokers to take a hit due to disruption fears. Well, that’s not exactly true.
While Insuify did integrate with ChatGPT’s Open AI, and it did cause a momentary drop in S&P 500 Insurance index, the anniversary piece was coincidence, of course.
Still, founder and CEO Snejina Zacharia told Insurance Journal, “Nobody would have predicted it—that what we thought was a tiny announcement would cause such an impact in the industry.”
“Everyone is working or figuring out how to use this new interface, this new technology,” she added. “The reaction of the market was over exaggeration.”
The announcement and the demonstration of how consumers could compare insurance options on AI platforms, certainly elicited a lot of attention from around the world. Zacharia said the company has had several meetings with insurance executives who are “very eager to understand more about the technology we built, and eager to understand how they can be implementing it internally across their organization.”
“I don’t think it’s going to be a disruption,” Zacharia added. “It will be an evolution. I think that everything will just become more automated and simpler, but a lot of the existing interfaces will remain and the existing relationships will continue to remain. People that want to choose a personal experience with their agent or brokers will be doing that.”
During the call with Insurance Journal, co-CEO and founder Giorgos Zacharia, said the system works through what he described as a server integration that allows AI platforms to connect with client data. For now, the integration provides estimated pricing rather than real-time quotes because of privacy and security concerns related to personal information. Users who want full quotes are directed to Insurify’s website, where the platform can connect directly with carriers through API functionality.
But what Insurify has done now “shows you what’s possible,” he said. “We are barely scratching the surface.”
Giorgos Zacharia said Insurify has seen a lot of organic traffic from AI search engines even before developing the app. This proves a consumer is willing to engage with AI, and these users often show strong purchase intent when looking for information about coverage and rates.
Snejina Zacharia said there are hundred of millions of users of AI today, with rapid growth. “We want to meet customers where they are and provide them with the absolute best consumer experience to be able to deliver on the value and the promise that we are making to them.”
For agents and brokers, the biggest opportunity may be productivity. Insurify says it has deployed AI tools internally to automate repetitive tasks, allowing agents to spend more time advising customers.
“Our agents are breaking records. They focus on talking with the consumer. They’re focused on high-value work. The ones who adopt and exploit the productivity are going to do better,” said Snejina Zacharia, adding that Insurify’s technology has been able to pass the insurance licensing exam with a score of 100% but the company is not leveraging that, “as we know that is something that currently needs to be regulatorily approved.”
Topics
InsurTech
Data Driven
Artificial Intelligence
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