Insurance platform JAVLN has acquired insurtech start-up JRNY, and will be using its AI-driven technology to bolster its growth and its customer offering.
JRNY uses AI to have conversations with customers and make recommendations around products using data insights. JAVLN CEO Dale Smith said the offering will be a great fit for JAVLN’s existing platform, and will support advisers, underwriters and insurers across the Asia-Pacific region to improve their customer experience.
“We’ve admired the work that Michael Lovegrove and his talented team have done for a while,” Smith said.
“They’ve built a fantastic product, and it’ll be a great extension of what we’re already doing in the digital space. We’re pretty excited about bringing them into the fold and taking the technology that they’ve built to our customers.”
“The JAVLN platform is a policy management system at its core,” Smith explained.
“We take digital products to market by allowing customers to get a quote online, and then bind and pay for the policy, and we also have a client portal and an intermediary portal.
“JRNY’s platform is an AI-driven decision-making customer engagement platform, and it works by messaging various questions to the customer and then determining what kinds of products the potential customer might need to buy. So, the JRNY piece will fit really nicely on the front of our online product offering, and it’s a great extension of what we’re already taking to market.”
Smith said that the acquisition of JRNY will also help JAVLN with its expansion plans, particularly as it looks to push its offering out internationally.
“Acquiring the IP of JRNY, which is market tested and respected, will accelerate our own development so we can scale faster,” Smith said.
“At the same time, this deal realises the commercial potential of JRNY’s technology and provides a pathway for prospective customers to continue using it.”
JRNY founder and former CEO Michael Lovegrove will be joining JAVLN as a consultant on the technology.