Koïos Intelligence, a Quebec-based start-up that provides insurance professionals with a conversational assistant powered by artificial intelligence (AI), announced today to have concluded a $6.5 millionfinancing round with the participation of Propulia Capital, Canada Economic Development, Export Development Canada, Caisse Desjardins des Technologies and other private investors, who are convinced that natural language processing is poised to revolutionize the operations of organizations. This financing includes equity and other financial instruments such as debt instruments and call options.
This new investment will allow Koïos to rapidly expand into new markets, while continuing to develop its virtual assistant, making it easier than ever for insurers to do business.
Revolutionizing the way people shop for insurance policies and update insurance contracts
By combining insights from experts in insurance, finance, and AI, Koïos identified a disconnect between the way brokers currently sell insurance, and the way consumers want to buy it. In fact, in 2022, the overwhelming majority of insurance sales were still done over the phone or in person and required an average of over an hour. However, new generations of consumers have increasingly sophisticated expectations and, according to a survey conducted by Koïos Intelligence, 75% of them expect a response from an agent in less than 5 minutes. Moreover, 65% of consumers prefer online platforms to call centers when shopping for insurance.
Koïos’ Olivo conversational assistant is AI-powered and acts as a virtual intermediary between the insurance broker and the consumer, allowing the consumer to shop for different coverage options, and even complete insurance purchases, all while asking the virtual assistant questions. Olivo is interconnected with leading insurance industry systems such as Applied and the Centre for Study of Insurance Operations (CSIO). These integrations allow Koïos Intelligence to be part of the insurance value chain and to retain clients such as PMA Insurance, Tardif Group Insurance, Intact’s partners in the Virage Group, and Rogers Insurance, one of the largest insurance brokers in Canada. This connectivity streamlines the pre-purchase, purchase and post-purchase processes for all types of insurance products through data automation.
The standardization of processes allows for greater efficiency throughout the value chain, a 30% reduction in administrative costs for insurance brokers or agents, and a potential 400% increase in sale conversion rates. In parallel, Olivo offers consumers fast and personalized service, available 24/7 in the language of their choice with a 30% shorter waiting time than if they had to contact a call centre.
Olivo uses multimodal AI, a type of artificial intelligence in which multiple channels of information transmission (text, voice, image) are used to train interlocking algorithms to better understand consumer interactions.
Koïos Intelligence Concludes $6.5M Round Of Funding
Posted in Commentary with tags Koïos Intelligence on May 4, 2023 by itnerdKoïos Intelligence, a Quebec-based start-up that provides insurance professionals with a conversational assistant powered by artificial intelligence (AI), announced today to have concluded a $6.5 millionfinancing round with the participation of Propulia Capital, Canada Economic Development, Export Development Canada, Caisse Desjardins des Technologies and other private investors, who are convinced that natural language processing is poised to revolutionize the operations of organizations. This financing includes equity and other financial instruments such as debt instruments and call options.
This new investment will allow Koïos to rapidly expand into new markets, while continuing to develop its virtual assistant, making it easier than ever for insurers to do business.
Revolutionizing the way people shop for insurance policies and update insurance contracts
By combining insights from experts in insurance, finance, and AI, Koïos identified a disconnect between the way brokers currently sell insurance, and the way consumers want to buy it. In fact, in 2022, the overwhelming majority of insurance sales were still done over the phone or in person and required an average of over an hour. However, new generations of consumers have increasingly sophisticated expectations and, according to a survey conducted by Koïos Intelligence, 75% of them expect a response from an agent in less than 5 minutes. Moreover, 65% of consumers prefer online platforms to call centers when shopping for insurance.
Koïos’ Olivo conversational assistant is AI-powered and acts as a virtual intermediary between the insurance broker and the consumer, allowing the consumer to shop for different coverage options, and even complete insurance purchases, all while asking the virtual assistant questions. Olivo is interconnected with leading insurance industry systems such as Applied and the Centre for Study of Insurance Operations (CSIO). These integrations allow Koïos Intelligence to be part of the insurance value chain and to retain clients such as PMA Insurance, Tardif Group Insurance, Intact’s partners in the Virage Group, and Rogers Insurance, one of the largest insurance brokers in Canada. This connectivity streamlines the pre-purchase, purchase and post-purchase processes for all types of insurance products through data automation.
The standardization of processes allows for greater efficiency throughout the value chain, a 30% reduction in administrative costs for insurance brokers or agents, and a potential 400% increase in sale conversion rates. In parallel, Olivo offers consumers fast and personalized service, available 24/7 in the language of their choice with a 30% shorter waiting time than if they had to contact a call centre.
Olivo uses multimodal AI, a type of artificial intelligence in which multiple channels of information transmission (text, voice, image) are used to train interlocking algorithms to better understand consumer interactions.
Leave a comment »