Virtual Insurance Agents to assist with sales, claims, and payments.
We are building Virtual Insurance Agents (chatbots) to help insurers to engage their customers via Facebook Messengers.
3 paying customers (insurance companies)
We sell to insurance companies (home, life, and auto) in the USA, we plan to enter EU and other markets after raising Round A in a year or so
Problem or Opportunity
Insurance companies lose customers every day because of unavailable or ineffective agents. Consumers are at risk from having the wrong coverage, losing coverage when they forget to pay premiums or switch credit cards and forget to update their auto payment and are frustrated by slow and cumbersome claims processes.
Solution (product or service)
Solves the perennial problem all insurance companies and insurance buyers face: how to assure the right coverage, convenient premium payment, and efficient claims processing – without the time and expense of hours on the phone or navigating confusing websites.
Our virtual insurance agent links insurers and consumers via the messenger apps we all use every day. This proprietary, AI-driven chatbot technology learns from customer chats to identify the right coverage, provide convenient payment reminders with credit card processing, and support simple, guided claims processes – all via a smartphone. Solution integrates with existing insurance company systems and with all popular messenger apps.
The result: Insurers keep long-term happy customers while generating more revenue and reducing overhead costs. Insurance buyers get the coverage and service they need when they need it.
We lighten the insurance load for everybody. It’s that simple.
Advantages or differentiators
We are solely focused on the insurance market and have built a "plug and play" product; our competitors target an entire enterprise support market. Their product required massive effort to get started with no immediate value being delivered.
For each deployment, we charge one-time customization fees ($3,000-$50,000) and monthly licensing for the active users (price per each varies based on the total volume
In addition, if a user pays for the policy using our payment options, we charge 1.5% fee.
We have a SaaS-based business model, in a B2B2C product structure. Our white-labeled virtual agent platform is being sold to insurance companies who deploy it under their own brand and use to communicate with customers. We charge insurance companies between $0.50 to $0.15 (volume based pricing) for each Monthly Active User (MAU) communicating using Virtual Agents.
Money will be spent on
70% on R&D and 30 on Bus Dev and Marketing
Offer for investor
We are raising $400K as a convertible note with $5M CAP and 20% discount
While there is no one Major risk for our business, there are several minor ones:
- Slow consumer adoption. Our solution requires consumers to feel comfortable to communicate with insurers via messengers. While we have no power to educate the market, the insurers are in a good position to deliver such value proposition.
- An entrance of a well funded / major company into Virtual Agents space (such as LinkedIn, Microsoft, Google). We mitigate by focusing on one narrow vertical - Insurance. We are training our AI to be ready for a plug and play type of scenario (whereas the larger companies must focus on serving an entire enterprise support).
Incubation/Acceleration programs accomplishment
We are very experienced founders with multiple startups behind our belts, we felt that accelerators and incubators will bring us very little value and therefore didn't apply.
Won the competition and other awards
Featured in Insurtech Disruption Trends 2017 for Artificial Intelligence products and services
We planning to file 2 provisional patents in Q3/Q4