IBA Northeast: Insurify bags major industry award for artificial intelligence-enabled service

The company is tapping the gap in online services to sustain growth

Insurance News

By Allie Sanchez

Car insurance comparison site Insurify was recently bestowed the ACORD Start-up Disruptor Award for developing a service that uses artificial intelligence and natural language processing to simplify shopping on its online engine, according to the firm.
ACORD, or Association for Cooperative Operations Research and Development, is a global non-profit organization that develops electronic standards to facilitate efficient workflows and accurate data exchange.
“The award is a testament for our efforts to make the insurance value chain much more efficient by leveraging our…algorithms,” Insurify founder and chief executive Snejina Zacharia said in a statement. 
Insurify’s mobile platform provides a quick comparison and purchase process. A customer can come to the website, said the firm, and get a complete quote within two minutes. It also leverages text messaging technology to enable its platform to tap the younger market.
Artificial intelligence also has a role to play in the company’s future rollout, as it automates its car insurance quote engine. The firm aims to further flatten the insurance supply chain by providing a more direct link between insurers and their customers, allowing for accurate and efficient client targeting, the company said in its statement.
“Mobile searches for car insurance (have) grown 4.5 times for the last four years. Insurify is filling the existing gap of comparison shopping tools by bringing the top carriers across all 50 states under one roof,” Zacharia added.
Insurify uses its proprietary RateRank algorithms to enable its online search services.

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