Insure the future.
Codelitt is a product incubator helping large corporations build new products with the speed, technology, and innovation of a startup.
IOT devices have created an exponential increase in the amount of data available for mining. Because of innovations such as personal fitness trackers and vehicle telematic devices, we are now able to paint a clearer picture of the past, and thus make more accurate predictions for the future. This of course creates new risks and new opportunities for security.
The next wave of insurance customers were born with smartphones in their hands. They are more informed when making large decisions, demand more value for their money, and have a general distrust of anyone trying to sell them anything. These factors have contributed to the birth of the sharing economy, and they also lead towards a self-service economy. New consumers want to know every aspect of the deal before purchasing.
Health insurance questions such as age, gender, weight, and smoker status create an incredibly vague demographic snapshot. Devices such as fitness trackers give specific, personal data points that can augment a pricing strategy. Similarly, vehicle telematics with data points such as acceleration, breaking, and speeding habits offer a more complete view of how customers drive.
Consumers need more information today than ever before. They require simplicity and the peace of mind that they’re not throwing money away. Insurance sales is still a black hole for digitally native consumers, and there is a massive opportunity to simplify the education and purchasing process.
Give your contract intelligence its own brain. When juggling thousands of contracts, it’s easy for some details to get lost in the shuffle. Codelitt’s artificial intelligence can ingest contracts, assign metadata such as dollar amounts and renewal dates, and include this information in systems such as CRMs or supply chain management software.