Simply Business, a US-based small business insurance broker, has announced the launch of a groundbreaking AI-powered insurance advisor.
The new AI tool has been developed to revolutionise the way entrepreneurs purchase insurance, aiming to simplify decision-making and improve customer engagement, according to InsurTech Insights.
The company provides tailored insurance solutions for small businesses across the United States, helping entrepreneurs secure coverage for their specific needs.
By combining technology with expert guidance, the company delivers fast, personalised, and reliable insurance options for a diverse range of business owners.
The AI-powered insurance advisor uses proprietary technology built on a Retrieval-Augmented Generation model to create a hyper-personalised, conversational experience.
The platform guides small business owners through the insurance buying journey by answering questions about coverage types, recommending suitable coverage limits, and helping users make informed decisions with confidence.
It leverages artificial intelligence and large language models to accurately interpret user intent and link queries to a human-verified knowledge base, and also features continuous learning through real-time feedback loops, allowing the system to improve with each interaction.
Since its beta launch, the AI advisor has delivered a 20% higher purchase rate among engaged users and a 9% increase in Requests for Quote for visitors interacting with the tool multiple times.
Dana Edwards, Group Chief Technology Officer at Simply Business, said, “Our AI-powered insurance advisor is another milestone in our efforts to simplify the insurance buying process for small business owners. Importantly, the tool marries advanced technology with the human touch by providing access to our highly skilled agents. We are not just implementing AI; we are pioneering responsible, effective, and scalable solutions that empower entrepreneurs to make confident decisions quickly.”
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