Peppercorn, an AI-driven insurance provider, has launched on Confused.com as it rolls-out the use of its conversational AI insurance assistant.
Founded by Nigel Lombard, Peppercorn has created a conversational AI insurance assistant.
Peppercorn said its platform enables customers to benefit from a more responsive and user-friendly experience, from insurance purchase to policy adjustments.
The company’s AI insurance assistant is able to help and guide them through the insurance purchase process resulting in a more personalised user experience.
Furthermore, putting the customer in control of the conversation also removes the need for filling out forms and waiting on hold with the assistant able to respond to queries straightaway using natural language understanding
By relying on smart, intuitive, conversational technology with its AI insurance assistant, Peppercorn said it is able to keep operating costs and expense ratios low, particularly compared to legacy insurance providers.
Not only does this remove the need for physical call centres, but also results in more competitive insurance premiums for the customer, the company added.
The company, which raised £1.8m in seed funding from EHE Capital in April, is initially focusing on motor insurance and is a managing general agent (MGA).
Lombard said, “The traditional insurance model is broken. High operating costs and outdated business practices such as filling out manual forms and leaving customers waiting on the phone on hold all result in a frustrating user experience where the customer ultimately pays much more than they should for insurance. We’re here to change that.
“Our team has a dynamic blend of insurance and technology expertise and have worked hard to build a unique experience and service. To launch a quality product on a leading Price Comparison Website in such a short space of time is a testament to the team’s commitment to transforming the insurance industry.”
Last year, Pie Insurance, a leading tech-enabled provider of workers’ compensation insurance to small businesses, raised $315m in Series D funding.
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