Insurify is the 2016 ACORD Insurance Innovation Challenge Startup Disruptor. The ACORD Innovation Challenge is a prestigious competition, recognized throughout the insurance industry worldwide. The ACORD Award is presented annually to businesses with the most outstanding achievements in insurance innovation in the areas of technology, operations and distribution channels.
Insurify won with the first virtual insurance agent which uses artificial intelligence and natural language processing to simplify the shopping experience and disrupt insurance distribution network. Category finalists included Roost - smart battery start up, Domotz - app for connected home, Sitata, Smart Driving and Concordata.
The company has been recognized as the largest insurance marketplace in the USA, growing profitably with 42% increase in closed policies month over month.
“There more than 250M insured vehicles in the USA and 75% of the insured are searching for insurance online with 65% reporting they will switch if they had an easy way to compare and buy. The mobile searches for car insurance has grown 4.5 times for the the last 4 years. Insurify is filling the existing gap of comparison shopping tools by bringing the top carriers across all 50 states under one roof. “ says Insurify Founder and CEO, Snejina Zacharia.
"Insurify has adopted the ACORD standards and vision at every level of product innovation and development," said Zacharia. "The award is a testament for our efforts to make the insurance value chain much more efficient by leveraging our advance RateRank™ algorithms and providing a single view to the customers across the value chain."
The mobile-first platform is powered by advanced analytics which continuously optimize the user experience for best conversion and user value. Insurify provides the fastest way to compare and buy insurance in the insurance industry - it only takes 2 minutes to complete a quote. Insurify’s advanced recommendation engine helps consumers select the best type of coverage for their personal risk profile and select from the best insurance for their needs.
Insurify is planning to change the face of the insurance industry by building the first fully automated robot and agent advisor for car insurance quotes. Users can text a picture of their license plate to a number and converse with the first insurance robot in the industry. Messaging has surpassed social media as of 2015 and Insurify is building a product to cater to the “always connected” and on the go consumer. Messaging is personal and asynchronous - Users can text while at work or while watching a movie. The best part is that it is not an app - there is nothing you need to download to start the process, just text a number.
Insurify was recognized for its transformational role in the insurance industry. The insurance value chain is fragmented and inefficient. Carriers and agents are spending in aggregate billions of dollars acquiring and servicing the wrong types of consumer risk, bidding on the wrong keywords and claims. Insurify contracting and makes the insurance value chain more efficient by leveraging its advance RateRank™ algorithms and providing a single view to customers.
Closing Comments About Insurify
Insurify is based in Cambridge, MA, and is the first intelligent virtual insurance agent for car insurance shopping that uses predictive modeling and advanced analytics to truly simplify shopping for car insurance. Currently available in 48 states, Insurify has partnered with the largest agencies and carriers in the US to quote 102 carriers in real-time with more than 800 agents working on the platform, more than any other online platform for car insurance shopping.
ACORD (Association for Cooperative Operations Research and Development), founded in 1970, is a global, nonprofit organization serving the insurance and related industries. ACORD facilitates fast, accurate data exchange and more efficient workflows through the development of electronic standards, standardized forms, and tools to support their use.
The ACORD Insurance Innovation Challenge (AIIC) is a competition/business incubator hybrid which strives to identify and promote significant and sustainable innovation in and for the insurance industry, specifically in the areas of technology, operations and process improvements for insurers, distribution channel stakeholders, and vendor partners.