Insure Assist: An Ecosystem to onboard small businesses

Inspiration

Small businesses are skeptical about purchasing insurance, which is an extremely critical step towards building a sustainable business. They often do not get personalized quotes and the approach to offer them policies is not data driven. We built a system that is helps business understand why the premium was offered to them and the rationale behind it.

What it does

A 2 layer Machine Learning based solution that analyzes past data to offer a personalized premium based on circumstances. It understands the industry trends and explains the rational behind offering the quote. This goes a long way in helping small businesses build a sustainable venture.

How we built it

We developed ML models and a web app as in interface. We studied industry trends and designed a system that can scale with minimal supervision.

Challenges we ran into

Challenge was to identify why small businesses do not purchase insurance easily and what are the pain points. The next challenge was to correlate that to data in order to offer personalized recommendations.

Accomplishments that we're proud of

Our system can be scaled horizontally and vertically to onboard new businesses with minimal effort and offer personalized recommendations. it can explain the rational behind the decision as well. The system keeps the business and Statefarm partners in the longer run and it gets better as more data comes in.

What we learned

We learned about how insurance functions for a range of businesses and how data plays a crucial role in recommending personalized plans.

What's next for Insure Assist: An Ecosystem to onboard small businesses

We plan to integrate a generative AI chatbot available 24x7 to answer general policy questions and questions about the current policy. It would also provide intelligent recommendations to improve areas of business. We also plan to provide auto assessment of claims and a confidence score to reduce processing times.

Built With

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