Insurance technology firm Zelros recently acquired $11 million in the Series A funding round, reported Venture Beat. The company uses artificial intelligence to assess the needs of clients and offer the right coverage according to their situations.
The fund, acquired in the round led by BGV, will be funnelled expansion into more European markets, as well as into North America.
Zelros uses machine learning and artificial intelligence to process various information regarding the client including claims, quotes, calls, underwritten documents, and other similar files.
Through an automated procedure, the firm is able to handle, implement, and monitor the insurance process. It uses natural language understanding to take down notes and info from voice conversations between customers and advisors or representatives.
In a blog post cited by Enterprise AI, Zelros director of pre-sales, customer success, and partnerships, “Process automation will be a key trend going forward for insurers to gain trust from customers, by providing immediate answers while ideally positioning them on new distribution platforms.”
This use of technology “[allows] the insurance agent to instantly adapt recommendations to meet the specific needs of its customers in a personalized way.” The company creates a profile of customers for more personalized offerings.
In creating profiles, its insurers obtain various documents and data from its customers. It also uses histories and summaries of data. Then, the company uses AI to analyze the data and make predictions of the client’s possible answers to requests.
It is seen as a great development in the insurance arena as it can streamline the process ad create learning points for advisors. It also helps define business goals and missions.
Co-founder and CEO Christophe Bourguignat said in a press release, “Digital transformation is fundamentally changing how businesses operate, and with insurtech funding reaching an all-time high of $7.1 billion in 2020, the insurance industry is no exception.”
The image recognition feature of its AI also serves “to automatically read and analyze documents to detect potential fraud while maintaining regulatory compliance.”
Zelros also runs simulations and comparative tests to evaluate how new settings can affect its operations.
“At Zelros, we focus one hundred percent of our attention on developing res AI-driven technology to improve and advance the insurance industry.”
“We’re passionate about helping insurance players transform into technology-first companies, and the support of BGV, Capgemini, and all of our investors will empower us to accomplish our mission,” Bourguignat assured potential clients.
