simplesurance Adopts LEVERTON’s AI-based Data Extraction Technology to Make Shopping for Insurance Even Simpler
NEW YORK (April 30, 2019) LEVERTON, the premier provider of proprietary AI-powered technology for data extraction and contract analytics, announced that simplesurance, a global provider of innovative and smart insurance solutions, is leveraging the company’s Artificial Intelligence as a Service (AIaaS) solution to bring even more simplicity to the insurance policy selection process.
After rapidly expanding to serve customers in 28 EU countries, Norway, Switzerland, simplesurance needed to automate formerly manual processes to continue delivering the superior user experience driving its success. The company selected LEVERTON and its AIaaS solution based on the ease of implementation, facilitated by LEVERTON’s deep learning algorithms, as well as its high degrees of extraction accuracy. After just a few hundred training documents and less than 2 weeks of implementation, simplesurance achieved a recognition rate of almost 100 percent while reducing the time needed for data collection and extraction by 75 percent.
simplesurance is using the technology to automate the process of sourcing, structuring, and benchmarking data from a wide variety of insurance policies such as motor, household, or accident insurance. simplesurance’s technology then carries out product and price comparisons between policies available on the market and delivers the best deals to customers who can then purchase with just a few clicks.
“The insurance sector is massive, dynamic, ever-changing, and the target of significant disruption. For consumers, offerings are often neither easy to digest nor transparent,” said Bastian Schulz, Head of German Sales at LEVERTON. “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.
“The insurance industry has an extremely fragmented product ecosystem, which is marked by exclusions and small print. Many insurance companies are following product–centric approaches instead of focusing on the customer. As digital broker, we offer our customers a simple way to manage their insurance over the smartphones, 24 hours a day, 7 days a week. By working with LEVERTON to digitize unstructured data from a vast number of insurance policies with a host of different terms & conditions, we are now able to use this information to provide tangible, added value to our customers,”said Joachim von Bonin, CFO & Co Founder at simplesurance.
simplesurance creates a platform for simple access to insurance. The unique platform is continuously developed and optimized to offer transparent and efficient insurance service to connect people and business, anywhere and anytime.
The Berlin-based market leader develops innovative cross-selling solutions for e-commerce that integrate into the checkout process of online shops and allows the purchase of insurance at the point-of-sale in 29 countries. More than 2,500 partners including many well-known companies such as OnePlus, Huawei Technologies, Nokia, Rakuten, Revolut, Real use the innovative power and flexibility of the company’s cross-selling platform.
Moreover, simplesurance provides customers in nine countries an easy and convenient way to purchase product insurance in its flagship stores. Additionally, simplesurance offers to all customers an innovative digital broker service called Schutzklick Makler to manage all of their insurances on their smartphones, easy and completely paperless.
Founded in 2012, simplesurance has over 150 employees from across 30 nations all working in the Berlin headquarter and in the office in Tokio.
LEVERTON’s AI-powered data extraction and contract analytics platform helps businesses around the world uncover actionable insights in their contracts and documents. Trusted by 200 of the Fortune 1000, the company’s secure platform includes pre-trained, proprietary OCR and machine learning algorithms that accelerate data discovery and extraction, speeding time to ROI. With support for 25 languages and offices in Berlin, London, New York, and New Delhi, LEVERTON is equipped to meet the needs of the largest global real estate, accounting, consulting and financial organizations. For more information, visit www.leverton.ai.
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