Home Finance First AI InsureTech Startup to use Machine Learning to Boost Customer Experience

First AI InsureTech Startup to use Machine Learning to Boost Customer Experience

Kanetix Ltd. recently partnered with Integrate.ai, which drove it to become the first insurtech company in Canada to successfully pilot machine learning and artificial intelligence to boost marketing ROI and customer experience. The remaining task for Kanetix Ltd. now involves bringing the technology to all its insurance partners and scaling it across the entire organization.

The VP, marketplaces at Kanetix Ltd., Janine White, acknowledged artificial intelligence as a commonly talked about topic in the insurance industry. For that reason, it was exciting for the company to use such advanced technology not only for enhanced customer experience but also for business growth. What’s more, Janine promised to continue implementing additional artificial intelligence-powered changes in the company while conveying its lessons and data to the Canadian insurance industry.

READ MORE – 10 Applications of Machine Learning in Finance

The pilot for the revolutionary technology took shape in September 2017. During this exercise, the target was those consumers on Kanetix.ca car insurance comparison site that were unsure about buying auto insurance. By taking advantage of the website’s significantly deep pool of data, Intergrate.ai designed its platform to forecast the customers that had the highest likelihood of converting and their ideal transaction method. With such details, Kinetix.ca was able to deliver a custom-tailored purchasing experience for its customers.

During the period involved in undertaking the pilot, the usefulness of the predictions made via the platform improved by roughly 38 percent. In turn, the Canadian-based Kanetix Ltd. experienced a conversion increment of 13 percent in auto insurance transactions. The improvement results were five times greater from the earlier results. What’s more, the enhanced efficacy of the predictions produced 2.3 times return on investment (ROI).

Citing the improvements and achievements made through the pilot, Kanetix.ca is currently running 100% of all its auto insurance quotes from Ontario via Intergrate.ai’s platform. The chief executive officer and founder of Integrated.ai., Steve Irvine, shared his joy on behalf of his company for spearheading tangible financial progress at Kanetix Ltd.

Even so, he acknowledged the insurance company’s devotion to enhancing itself using groundbreaking innovation, which has quickly propelled it into a suitable early partner. Steve Irvine also added that Integrate.ai was keen to further the budding partnership with Kanetix Ltd.

As Kanetix Ltd. utilizes the technology for its partner organizations, Integrate.ai, on the other hand, will continue to back the insurance company in delivering the exciting innovation to the insurance marketplace. This working relationship shows a growing and promising partnership between the two companies in the future.

According to the president and chief executive officer of Kanetix Ltd., Andrew Lo, implementing top-of-the-line machine learning and AI technology to boost revenue growth and enhance innovation at the company was the ultimate business objective. However, he pointed out that doing so without considering customer experience would be meaningless.

Currently, Kanetix Ltd. can predict customer expectations, which help it provide the best shopping experience that matches its customers’ lifestyle. Andrew Lo highlighted the further use of Integrate.ai’s platform in the future. Also, he said that Kanetix Ltd. is looking forward to sharing all its experiences with industry peers to help steer the insurance industry to a better future.

Source Kanetix

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KC Cheung
KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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