The insurance industry in India is on the rise and with digitisation increasing throughout the country it is becoming increasingly easier to get insurances done online. Now, AskArvi.com has made it even more convenient by enabling users to buy insurance policies over a mobile chat.
Mumbai-based Haida Technologies Pvt. Ltd., the company behind AskArvi, has fully automated the insurance web aggregator platform to provide an easy, perosnalised buying experience to customers – via mobile chat.
The company rolled out its personal insurance assistant, Arvi, that combines artificial intelligence and data which makes insurance-buying instant, intuitive and informative for customers.
Sushant Reddy, co-founder and CEO of AskArvi, said, “Our vision is to help our customers make the fastest and smartest financial decisions over a mobile chat.”
Given the complex terms used in conventional insurance-related literature, users often need to rely on middle-men. This is something the company is looking to undo and believes that AI could the answer in eliminating these ‘agents’.
AskArvi launched in 2017 and reportedly helped over 15,000 customers with products and information support on claims while still in its beta stage. Founded by Sushant Reddy, Alok Tiwari, Ashwin Narkhede and Mandar Zope, the startup closed their seed round in September and is now servicing health insurance and travel insurance segments. They are also planning to include life and auto insurance over the coming months.
The startup plans to leverage AI platforms like IBM Watson which would make for intelligent conversations with customers regarding insurance. According to ANI, customer can ask Arvi questions like “Show me plans that provide maternity benefits” or “Show me plans that provide best cashless coverage in Mumbai” and Arvi will automatically filter plans according to the customer’s needs enabling better decisions.
The insurance market in India is seeing some interesting updates. As reported earlier, e-commerce giants like Amazon and Flipkart are also looking to enter the insurance market space. Amazon is close to signing a deal with Mumbai-based insurance startup Acko and will soon start offering a slew of financial products on its platform here. Flipkart has also filed documents with the Registrar of Companies looking to get the nod from Insurance Regulatory and Development Authority to be allowed to sell insurance products.