Alexa

50 Innovative Companies to Watch 2019

AI-Powered Solution Re-imagines Insuring: SHADE.ai Inc.

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Transforming Reactive Service into Proactive, Personalized Customer Experiences

Insurance carriers would spend the majority of their time and money educating their customer base so people could make the best and most informed decisions for their family and their needs. For an insurance company, the ongoing challenge, as always, is on how to manage and assist the brokers and agents to adapt and prosper enabling their integration into a wider distribution strategy. While AI, VR, & Robotics have already commenced the potential reinvention of the workforce, their impact on the industry has just begun. For many consumers, especially mid-market, the process of getting properly informed and advised about what the relevant insurance products are is a very confusing, frustrating, and high anxiety experience at a time when they need to make a purchasing decision with confidence.

To provide a solution, SHADE.ai came into the market and became a consumer-centric AI-powered agent for the life & health insurance services marketplace to help consumers make informed purchasing decisions with confidence. This technology-based solution enables insurance carriers to enhance customer experience and cost reduction. For carriers, this means SHADE.ai helps increase operational efficiency by automating a significant portion of the repetitive tasks performed by customer service advisers and pre-sales advice and quote activities performed by brokers and also changes the operating cost model for insurance. The firm augments human customer care advisory agents with AI, particularly addressing high frequency relatively simple routine tasks moving its software solution from humans. By digitalizing of insurance customer touchpoint, its AI virtual assistant takes a personalized and customized approach to advice its consumers. The company works directly with insurers and is a white-label product. SHADE.ai makes insuring proactive so rather than wait for someone to come and ask for something, it uses the data that’s available to push recommendations and helps consumers proactively manage their insurance in real-time.

Q & A with Roya Bozorgnia, CEO and Founder of SHADE.ai Inc.

What makes your company different?

Insurance companies can use the SHADE.ai platform to transform and deepen customer engagement– providing a truly personalized digital-first experience—while delivering the operational efficiencies and cost savings of conversational AI. For insurance companies, the adoption of a conversational AI agent within the customer touch point will grow at an astronomical rate of leads and thus increase revenue by making purchase decision journey easier.

We help insurance customers at their most vulnerable moments to make the right financial decisions by helping them better understand their options and make a purchasing decision with confidence. With us, they can set goals to achieve.

Insurance companies can do better business and deliver a better customer experience. Our product solution takes advantage of AI-driven personalized conversations to streamline their operations, automate repetitive tasks and save time and money. Our Omnichannel AI-Powered Conversational platform makes it possible to stay connected at all times with customers and be proactive about their needs and preferences in a non-intrusive way.

How do you make insurance companies more productive and run their operations efficiently?

The ability to analyze huge amounts of data in a very short time will help them personalize their strategy. Get recommendations based on massive amounts of data, thus saving time by following up and reaching out to the right people/ leads. Our AI platform solution enables insurers to engage & interact with their customers in real-time & provide better proactive experiences.

  • Validate documents and KYC/ AML solutions
  • Reduce operational cost and scale customer service, capture every opportunity and engage with all and every visitors so no customer is left behind
  • Analyze & learn from interactions using machine learning
  • Submit claim and make it process easy, fast, real time
  • Omnichannel - reach target customers
  • Broadcast different channels - products, promotions, any changes / offers
  • Consumers changing address —fast in real-time
  • Scale customer service advisor using AI & machine learning & NLP technologies

What will consumers’ needs near future look like based on their past behavior?

Our recommendation engines are the algorithm applied to provide proper offers for each particular customer. They help to influence the customers’ day to day decisions, choices, and preferences. Our solution uses special filtering systems to spot the preferences and peculiarities in the customers’ choices. Also, include analysis of the data gained from simple questionnaires concerning demographic data and some personal information regarding the insurance experience and the insurance object. Based on these insights, the engines generate more targeted insurance propositions tailored for specific customers. For example, the insurance company can avoid the ambiguity of offering life insurance to a customer who is searching for a disability insurance proposition.

Simplifying insuring enabling insurance customers to interact with insurance via simple natural language conversations, and it will mean that insurance customers can get advice and insuring in places customers already spend time so Facebook Messenger, embedded into Amazon Alexa, embedded into Google Assistant, text message, and etcs.

Enabling insurance to build a more a deeper, more personal relationship with customers in real time which will help their customers proactively plan, and take action to improve their insurance needs.

Can you explain what ‘Sabo’ is?

Sabo is Siri for your life and health insurance needs. It has smart insights, where we have developed it in such a way that it’s AI brain tells you what you have to know, instantly. It is elegantly simple in terms of looks and functioning. But it majorly helps in educating insurance customers and guides them through the entire insurance customer journey, omni-channel AI-Driven conversations and faster resolving issues through simple conversations in real time.

Through Sabo, we create more proactive, personalized experiences for consumers. We work hard to develop a true omnichannel experience for all customers. By Creating a seamless transition between all channels and platforms that audiences have access to (for example, if a lead starts a conversation via text messages while they’re on the bus or train but then want to change the channel once they get home, then they should be able to do as seamlessly as possible, without wasting any time).

What are your plans for the future?

Our goal is to become the leading AI-powered conversational insurance technology provider. Some ask us whether we consider ourselves a disruptor or an enabler. We are definitely in the enabler space. We only work with life and health insurance, financial services and white-label only. When we looked at this opportunity, we think that to be a really big player, we need to have a big impact at a global level and work with insurance to leverage the things that they do well around. These would include having lots of customers and data, to be able to deal with regulation and risk, and focus on what we do great. That’s the synergy we look to do. I also think that insurers have this really big installed customer base. Subsequently, we think about a world where data volume and quality of data are important, and insurers will have a very strong position to start with and that’s why we’ve decided to work with them instead of battling to take market share from them.

The Experienced and Innovative Leader

Roya Bozorgnia, CEO and Founder: Roya has been part of many industries and job verticals in the past. She has over 15 years of international experiences in leading industries as software engineer. Roya also has a strong understanding of various markets and has served 4 years as a member of board of West Vancouver MLFB.

SHADE.ai is her second startup, and prior to SHADE. ai, Roya was Principal of RBConsulting Solutions, where she experienced the need of a change in life and health insurance advisory system in insurance industry. And augmenting human customer care advisory agents with AI, particularly addressing high frequency relatively simple routine tasks moving that to our software solution from humans.

"We aim to become the leading AI-powered conversational insurance technology provider in the globe through our intelligent AI assistant that looks after your life and health insurance needs."