13 January 2022: 1 Answer Insurance has today announced a partnership with Inzura.ai to deploy the innovative AI powered policy verification app, iApprove, as part of a wider initiative to digitise their business delivering financial and service improvements for their taxi, courier, minibus and private motor insurance lines.
Since its launch, iApprove has shown that it can save at least 80% of the time normally taken to on-board new business when collecting and verifying customer’s supporting documents. The app has also achieved an impressive 96% customer engagement rate, far exceeding the targets set by Inzura's partners.
Trevor Cutts, managing director at 1 Answer, said: “We are investing heavily in technology solutions to help us deliver growth and at the same time continue to offer convenience and high levels of customer support. It’s important that we stay close to our customers and the iApprove app offers just the right balance of automation and customer support features such as in app chat. It is very popular with policyholders and allows our agents to spend more time on helping customers instead of chasing documents.
“We now rely on iApprove to help customers upload their supporting documents via the app. iApprove automatically requests and reminds the customer to provide their documents and then, when they are uploaded, it automatically checks them against the declared details. Now our agents only need to view those policies where there are mismatches or discrepancies. We no longer have to deal with the major inefficiency of documents being sent in by email or post - iApprove saves at least 40 minutes per new customer.”
iApprove is a fast, secure and convenient way for insurers and brokers to onboard and automatically verify new business or when existing customers make a claim. It supports up to 13 different document types and automates the verification of Driving Licence, MyLicence check, No Claims Discount and Proof of Address. When discrepancies are identified, insurance providers can re-quote using the new information or change the excess for the policy. For existing customers, iApprove has identified 6% of additional premiums and helped to identify fraud that would have been difficult to identify using traditional manual solutions.
Inzura CEO, Richard Jelbert, commented: “We are seeing a steady increase in activity where insurance providers are looking for technological solutions to help make business processes more efficient. It is great to see 1 Answer embrace our iApprove AI technology where benefits are already being delivered. The ROI for 1 Answer could be more than 200% based on existing customer experience, not to mention the improvement in underwriting accuracy. Our technology is truly transformational and we look forward to supporting 1 Answer’s business objective to be the leading niche personal lines broker.”
The iApprove app is available now for motorcycle, taxi, commercial and private motor insurance policies and can equally be applied to other insurance lines such as travel, life, health and home insurance.
Importantly iApprove can be integrated with any existing policy and claims management system and back-office processes.
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Notes to Editors:
For more information on Inzura, please contact Lesley Bennett at LMR Communications - lesley@lmrcomms.co.uk - 07815 778038
About Inzura – www.inzura.ai
Inzura.ai is an early stage InsurTech company that helps insurers and intermediaries quickly deploy advanced AI based data processing solutions. Our products include iApprove, a fully automated digital engagement app for customer onboarding and automatic document verification. Inzura also provides a rich app-based telematics solution (no black box required) compatible with low end to high end handsets across the global marketplace. Since launch in December 2015 Inzura.ai has rapidly made a name in the emerging digital transformation space with Analyst firm Ptolemus ranking Inzura at number 3 in Europe (UBI Technology Service Provider 2018), and Digital Bridge listing Inzura as a Key Market Competitor (top 25) in their report on digital Insurance Platform providers in 2019. Inzura continues to innovate and recently announced the availability of its iApprove AI powered customer onboarding app.