There’s a new insureTech product that’s been developed by a labs team at comparethemarket and is in open beta, getting some great reviews. It’s a customer first data drive AI platform. They are still looking for feedback and early adopters but already are getting some of the big insurance companies to engage and partner.
Liking this, axshaw@ how will this work with MS I take it this works as a stand alone entity specifically for MS policy holders ?
Hi Jonathan, thanks for the feedback. It works independently and supports policies from any UK provider, we are working with providers to connect directly as well.
If Simples does what it says it is going to do it can be a real breakthrough for policyholders. “Fine print” designed to ‘protect’ actually impedes understanding, and feeds the mistrust of financial institutions. Certainly something that would be highly relevant in the US market, and beyond the insurance industry, throughout all of financial services.
We did some research last year that gave us a clear indication that a significant proportion of people don’t read all the small print (it goes up with more complex policies) and that the average length of time it takes to read the full policy and associated documentation is well over 30 mins. Your absolutely right about the mistrust of course.
What Simples does is surface important parts of insurance policies highlighting the areas that are statistically the most problematic, combining this data with a UK based independent insurance product rating score. It then compliments this with several methods of query (one being a chatbot interface), endeavouring to be a fast answers service for quick questions. The final aim is not to be an advice service and foster a better relationship with insurers allowing customers to resolve any concerns they may have through their provider as quickly as possible.
Liking what your saying if it does what it says on your tin, then good on you. Will this be taken up by which.co.uk ? as that will be the acid test for impartiality ?
ps great information trawl, if poss mail me on email@example.com
Currently, Simples works with another independent source similar to which.co.uk that specifically monitors and rates insurance policies.
I am sure you expected this question especially as you omitted to say who the “independent source similar to which.co.uk that specifically monitors and rates insurance policies.” is ? simples question !!
Hope @axshaw replies to both our questions as I like the concept of supporting the aggregate platform although @axshaw might have dug a hole and will dodge with ambiguous replies. @BernardLunn do you think it is possible to develop an (smart kart) like for like aggregate platform ? Think this is the way front of till will go.
Actually, in thinking about this some more based on the comment thread, I see a bigger win in separating out solving the pain point around fine print from trying to rate policies. They are two different issues, and I would be hard-pressed to believe, given the business model for aggregators, that they can truly remain objective in rating policies. They have historically paid to land accounts. And ratings are subjective – what is “best” for me may not be “best” for someone else.
I’ve since come across another company in the US working on the topic of “fine print” called Risk Genius - www.riskgenius.com. Have to learn more about them but on the surface seem to have the potential to be a true disruptor. Suggest you check them out, too.
My thanks Amy Radin, they are interesting as your heads-up made me go back and look into the main site after I had noted them a day ago and left a comment on the blog section related to data ownership http://blog.riskgenius.com/machine-learning-will-eat-the-insurance-world?success=true
Hi, how are you guys doing these days?
This is a great product! Marry it with a start-up like PolicyPalApp and you have a break-through combination…