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Everything.Insure advances broker platform with AI

Sibahle Malinga
By Sibahle Malinga, ITWeb senior news journalist.
Johannesburg, 30 May 2024
Mishaya Chettiar, executive head of Everything.Insure.
Mishaya Chettiar, executive head of Everything.Insure.

Everything.Insure has added artificial intelligence (AI) to its insurance platform, as it expands its operations to India.

Launched in late 2022, Everything.Insure is a digital insurance marketplace that places insurers and their quotes on one portal for consumers to compare and pick one that best suits them.

With over 90% of local insurers listed on the platform, the company competes with the likes of Hippo, a website that compares the prices and benefits of a range of insurance, medical aid and personal finance providers.

Mishaya Chettiar, executive head of Everything.Insure, tells ITWeb the company has seen rapid growth, with its customer base increasing to the tens of thousands in SA since inception.

It has advanced its insurance platform, through the integration of AI tools, to increase efficiency and improve customer experience, she says.

“Everything.Insure has made huge strides in revolutionising the insurance landscape in the past few months. We have launched several new features and functionalities to improve the consumer experience. This includes automating the annual renewal process for customers by codifying the rules and using AI to bring a unique renewal to each client and their profile,” explains Chettiar.

“Every year, insurance policies go through a renewal process, where brokers and insurers adjust the rating and the cover based on internal and external factors. For our back-office users – brokers, underwriters, claims handlers and insurers – we have introduced new features, including the graphical dashboards that make book management and client support easier than before.”

Everything.Insure's digital model allows businesses to be covered instantly online, eliminating the need for tedious paperwork and prolonged waiting periods.

The platform offers a range of insurance products, including personal, funeral, pet and commercial insurance.

According to Chettiar, automating the annual renewal process enables the company to treat customers more fairly, based on personalised data, instead of painting everyone with the same brush.

The digital platform caters to three main types of commercial businesses: SMEs(turnover under R20 million), large commercial businesses (turnover up to R100 million) and large niche businesses.

Last year, the company told ITWeb TV it was preparing for expansion into India.

Chettiar points out the company has since made progress, having set up presence in India and put together a small team of employees.

“We currently have five employees in the India office, who have been previously working traditionally, but we have just created the local instance ofEverything.Insure in India and are finalising the first two products on the platform.”

She adds that the company plans to focus on solving the pain points and problems faced by consumers, insurers and brokers.

“We are working on some really cool AI tech to take our digital broker to the next level, including the improvement of the consumer journey. New AI innovations we are working on at the moment include a digital chatbot that makes product recommendations, gives conversational advice and answers technical cover questions.

“We are also working on fraud detection technology to make claims smoother for clients and insurers. All these AI services aim to improve the entire insurance buying journey for consumers,” she concludes.