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InsurTech Startup Savvy Adapts to Growing Demand for Personalized Insurance Products

·3 min read

Image Provided By Pixabay

As more and more tech-savvy Millennials and Gen Z adults enter the market, consumer interests are shifting dramatically. Approximately 88% of consumers now demand personalized insurance products, and many of those consumers also want advanced digital self-service tools and better integration. The InsurTech startup, Savvy, brings much-needed adaptations to the car insurance space by deploying artificial intelligence (AI) and machine learning to connect customers with personalized insurance products through an intuitive digital platform.

What Is Personalized Insurance?

When consumers ask for personalized insurance products, what they’re usually seeking is flexibility, greater customizability and increasingly robust service from insurance companies. In practice, meeting these desires can take many forms from targeted pricing to custom-built policies based on individual usage and habits to insurance companies that provide proactive risk management tools.

With the rise of telematics that allow companies to track driving behavior via a user’s smartphone, for example, insurance companies offer usage-based insurance policies that set premiums based on miles driven or even based on speed or driving behavior. Using that data not only makes policies customizable but incentivizes users to drive safer and drive less.

Connecting Customers with Personalized Insurance

Savvy is a car insurance aggregator platform launched in early 2020 that partners with hundreds of car insurance companies and leverages AI to make comparisons across all of them quick and simple.

Access to hundreds of companies is key. While the current industry leaders have been slower to adapt to the demand for personalized insurance, InsurTech startups have stepped in to offer the innovative, digital-first solutions that customers are looking for. However, with so many new companies entering the market, shopping for car insurance has become more overwhelming than ever before.

While other aggregator sites offer to make comparisons easier, many will only display quotes from a dozen or so of the well-established car insurance agencies, so consumers miss out on some of the personalized, innovative offers that are available.

With Savvy, that’s no longer a problem. With hundreds of companies, both new and old, shoppers can easily find the individually tailored, tech-driven insurance products they want without having to spend hours online hunting them down.

See also: 5 BEST INSURTECH BUSINESS INSURANCE PROVIDERS

Intuitive Platform Integrations Make Comparison Shopping a 30-Second Process

Savvy’s platform uses Trellis technology to securely connect with a customer’s existing car insurance policy so that the customer doesn’t have to spend time inputting their data into a form. Once their insurance account is connected, Savvy can grab all the information it needs from the customer’s existing policy to compare the current rate and terms with those of the hundreds of other insurance companies in its database.

In seconds, the platform can pull up a list of offers that are more affordable than that existing policy and, while there’s no obligation to buy, when a customer does want to switch, Savvy will help cancel the old policy and switch to the better offer.

With simplified, integrated AI technology and a database of hundreds of insurance companies, Savvy’s platform finally makes it easy to find the flexible, customizable insurance products that today’s customers want.

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