In this episode, Michael Waitze talks to David Yeng, co-founder of InsureVite. The Singaporean based startup aims to help insurers transform their customer experience through social messaging apps leveraging transactional chatbots and artificial intelligence. The solution can be integrated into different messaging apps such as WeChat or LINE. The InsurTech has customers in Japan and Australia, while their tech team is based in Mongolia.
David raises the issue of how inefficient and intransparent the claims management process of most insurers is. Often clients miss deadlines because they do not understand their obligations. With InsureVite, customers can use their favorite messenger app to ask questions to their insurers about the claims process and get an instant response.
Michael and David also discuss the need of customers to talk to a real human and the maturity level of chatbots. After all, chatbots are still a developing technology with glitches. InsureVite is using supervised machine learning to improve the performance of the chatbot over time.