simplesurance Adopts Contract Intelligence to Simplify Shopping For Insurance
Learn how simplesurance leveraged Contract Intelligence to simplify their insurance policy selection process.
About simplesurance
simplesurance is a Berlin-based InsurTech company founded in 2012. Their solutions are continuously developed and optimized to offer transparent and efficient insurance services, and innovative cross-selling solutions for e-commerce. They are leveraged by companies in over 30 nations, and their cross-selling platform is used by more than 2,500 partners.
Business Challenge
After rapidly expanding to serve customers in over 30 nations, simplesurance needed to automate manual processes to provide their customers with comprehensive and accurate policy options. Because of the breadth of data that needed to be shared on a global scale, simplesurance sought to leverage a best-in-breed lease abstraction tool to simplify how their clients choose their insurance policies.
Solution
simplesurance chose to implement Contract Intelligence, MRI’s AI-powered lease abstraction tool, because of their need for fast implementation and high quality, automated data management and transparency. Less than two weeks after implementing Contract Intelligence, simplesurance achieved a recognition rate of almost 100 percent while reducing their data collection and extraction processes’ time by 75 percent.
“We are very pleased to be able to support simplesurance in making their service more transparent using the power of high quality, automated data management, which ultimately brings their customers better choices and positive experiences.” Richard Belgrave, CI Vice President of Sales
Business Impact
simplesurance saw an immediate impact on how Contract Intelligence optimized their product ecosystem, which helped them take a more customer-centric approach as opposed to a product-centric strategy. Contract Intelligence’s AI-first approach helped them on the following priorities:
Contract Data Consolidation and Comparison
Contract Intelligence was used by simplesurance to automate the process of sourcing, structuring, and benchmarking critical data from a wide variety of insurance policies (i.e., motor, household, accident, etc.) The automation helped streamline price and product comparisons between available policies to deliver the most cost-efficient deals to their clients.
Data Management and Analysis
By digitizing their disparate and versatile contract data onto a centralized platform, simplesurance can conduct granular contract analysis on multiple insurance policies, assisting them in critical decisions regarding policy recommendations to their clients.