SPIXII: Making insurance simple, accessible and personal for everyone
London based startup SPIXII is on a mission to make insurance simple, accessible and personal. It starts by redesigning the way people buy insurance. SPIXII, named after a family of Brazilian parrots that spell out the co-founder’s names, has almost entirely done away with the human component of selling insurance. It is an automated insurance agent, a chatbot accessible via messaging platforms or via a native mobile app. Its app creates a WhatsApp-like chat on a smartphone where a robot will ask simple questions and figure out what the user needs.
Built on principles of neuro-economics and the integration of user data with contextual data from multiple sources, SPIXII is an insurance chatbot designed to speak to consumers just as a person would. SPIXII can be integrated in multiple platforms, such as a native mobile app, Telegram, Kik, Line, Facebook Messenger, WeChat or company browser. All it takes is a hello to get started. From there, for example you can tell SPIXII about your travel plans and find out which appropriate insurance plans are available to you. It couldn’t be easier.
And the upside for the insurer is they don’t have to handle the call in the call centre. There are estimates that as many as 80% of all calls are routine and “trivial” and can be better handled by an automated system. SPIXII are pure InsurTech. They went through the first Startupbootcamp InsurTech program and finished at MassChallenge and Allianz Accelerator. SPIXII is available in 6 languages and is live on a major insurer’s website in France.
SPIXII is smart too
If a consumer is travelling abroad and the app detects they might be doing an activity not covered by his current insurance policy, like jet skiing or scuba diving, the app will give a nudge to remind him.
Different approaches to chatbots
There are two approaches to chatbots. The first is to use a natural language approach using AI to interpret human language, your intent, your context, your meaning. The second is the structured workflow approach using automation to map a dialogue with a customer to an existing business process. In this approach, the Chatbot will use mostly closed questions or respond with a direction like “now upload a photo of the claim”. “At SPIXII, they have developed a platform that is a hybrid, somewhere in the middle of these two approaches.
Why we selected SPIXII for DIA Amsterdam
The InsurTech startup SPIXII is transforming the way we see insurance. It is an example of new distribution, leveraging AI in the form of a chatbot to deliver a whole new customer experience. It brings in transparency, information, engagement, financial inclusion and insurance literacy to the market.
Who are SPIXII?
Art-loving, outgoing, entrepreneurial and dedicated, founders Alberto Chierici (COO), Alberto Pasqualotto (CTO), Renaud Million (CEO) call themselves a new breed of geeks. With over 15 years of combined experience in insurance, actuarial science, underwriting, data science and high performance computing, the team has already taken part in not one but two accelerator programmes StartupNext and Startupbootcamp.
The drive for making insurance simple came from Renaud who was really annoyed by the current way insurance products are sold to consumers. Buying an insurance policy is a horrible experience. Confusing jargon and lack of transparency undermine trust in insurance companies. Completing the long and daunting forms is a negative experience and doesn’t really provide any benefits. Given our professional background, we love insurance and understand how it serves the society as a whole. Through running customer development interviews and iterating different ideas/prototypes we discovered that people love texting, it comes natural and it represents a large percentage of our mobile device usage. That was the spark that inspired us to develop a conversational user interface to sell insurance, a chatbot.
Alberto Chierici (COO), Alberto Pasqualotto (CTO), Renaud Million (CEO), founders SPIXXI
Presenter: Renaud Million
Email: [email protected]