{"id":22374,"date":"2023-01-05T16:10:23","date_gmt":"2023-01-05T16:10:23","guid":{"rendered":"https:\/\/koiosintelligence.ca\/?p=22374"},"modified":"2026-01-05T16:14:27","modified_gmt":"2026-01-05T16:14:27","slug":"can-ai-redefine-interactions-between-insurers-brokers-and-customers","status":"publish","type":"post","link":"https:\/\/koiosintelligence.ca\/fr\/news\/can-ai-redefine-interactions-between-insurers-brokers-and-customers\/","title":{"rendered":"L'IA peut-elle red\u00e9finir les interactions entre assureurs, courtiers et clients ?"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><h3>CEO highlights a problem with online quoting platforms<\/h3>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>Artificial intelligence is having a moment in the spotlight, as the popularity of tools like ChatGPT encourages insurance companies to incorporate cutting-edge AI in their business. But can AI aid in transforming interactions between insurers, brokers, and customers? Ko\u00efos Intelligence thinks so.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>The Canadian start-up, which offers an AI-powered, voice-enabled virtual assistant to help insurance professionals better communicate with customers, recently concluded a $6.5 million financing round. It's <span style=\"color: #88b64c;\"><a style=\"color: #88b64c;\" href=\"https:\/\/www.insurancebusinessmag.com\/ca\/news\/sme\/quebecbased-startup-secures-6-5-million-in-funding-445050.aspx\" target=\"_blank\" rel=\"noopener\">aiming to take its platform, Olivo, to new markets<\/a>,<\/span> including the United States.<\/p>\n<\/div>\n<\/div>\n<section class=\"ad-wrapper-970x250 mb-60\">\n<div id=\"div-gpt-ad-1767628821520-5\" data-google-query-id=\"CJ3758Di9JEDFUsurQYd5SwJ_w\">\n<div id=\"google_ads_iframe_\/21873781324\/insurance-business\/ibcw\/ros\/ibcw_ros_970x250_lb_02_0__container__\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>\"We built a hybrid platform that enabled customers, brokers, and agents to interact in a user-friendly way using voice recognition,\" said Mohamed Hanini, President, CEO and CTO of Ko\u00efos. Hanini began his career by studying actuarial science before taking up financial engineering at the University of Montreal, where he started to experiment with machine learning.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>\"My passion was always around building tools in the financial and insurance industry,\" he said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><div class=\"fusion-text fusion-text-2\" style=\"--awb-margin-top:40px;\"><section class=\"ad-wrapper-970x250 mb-60\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<h4>'Huge drop rate' in insurance quoting platforms<\/h4>\n<p>Armed with his experience in statistics and quantitative finance, Hanini set out to tackle the biggest pain points around the insurance purchasing process: wait times and product overwhelm.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>\"We have so many products, and consumers are so busy. Many online platforms also don't have educational tools to help them better understand insurance,\" said Hanini. \"In the last 10 years, companies have invested in speeding up the quoting process. However, we have seen a huge abandonment rate [on quoting platforms]. Customers need to be educated on their insurance before going through any process.\"<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>The CEO noted that insurance customers usually drop out of the online quoting process when they're asked to input more personal information, such as their credit scores. The sheer volume of products available in the market can also be overwhelming for most consumers.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div><div class=\"fusion-text fusion-text-3\" style=\"--awb-margin-top:40px;\"><section class=\"ad-wrapper-970x250 mb-60\">\n<div id=\"div-gpt-ad-1767628821520-5\" data-google-query-id=\"CJ3758Di9JEDFUsurQYd5SwJ_w\">\n<div id=\"google_ads_iframe_\/21873781324\/insurance-business\/ibcw\/ros\/ibcw_ros_970x250_lb_02_0__container__\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<h4>'Multimodal' AI for better communication<\/h4>\n<p>Ko\u00efos sought to slash waiting times for insurance customers while talking them through the process. It created Olivo to act as a virtual intermediary between the insurance broker and the consumer using natural language processing.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>\"We usually need to talk to real person to get more information. At any point in the customer journey, our platform enables users to talk to a broker or agent and ask questions in real time,\" he said.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>Ko\u00efos leverages multimodal AI in its platform, a type of artificial intelligence that can process and understand inputs from different modes of communication, such as text, images, and speech.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>A cloud-native application, Olivo is also interconnected with leading industry systems such as\u00a0Applied\u00a0and the\u00a0Centre for Study of Insurance Operations\u00a0(CSIO).<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>The connectivity enables more streamlined pre-purchase, purchase, and post-purchase processes, according to Ko\u00efos.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>\"The platform is also focused so that each business line is an application in itself, meaning the algorithms are trained on specific data points,\" added Hanini.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><div class=\"fusion-text fusion-text-4\" style=\"--awb-margin-top:40px;\"><section class=\"ad-wrapper-970x250 mb-60\">\n<div id=\"div-gpt-ad-1767628821520-5\" data-google-query-id=\"CJ3758Di9JEDFUsurQYd5SwJ_w\">\n<div id=\"google_ads_iframe_\/21873781324\/insurance-business\/ibcw\/ros\/ibcw_ros_970x250_lb_02_0__container__\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<h4>Could AI chatbots benefit brokers too?<\/h4>\n<p>For Hanini, improving the insurance customer journey also means helping brokers and agents focus on what they do best.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>\"Insurance brokers and agents spend almost two-thirds of their time processing documents. AI can help them focus on their expertise and avoid filling out forms,\" he said.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>Ko\u00efos said its Olivo platform has led to a 30% reduction in administrative costs for brokers and agents, as well as a 30% shorter waiting time for customers than if they had to contact an insurance call center. As a bonus, Olivo can help brokers with onboarding new employees by providing updates on insurance policies, educating them about new products, and quickly answering customer questions.<\/p>\n<\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\"><\/div>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<p>\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><div class=\"fusion-text fusion-text-5\"><h3 class=\"ad-wrapper-970x250 mb-60\">What's next for Koios?<\/h3>\n<div id=\"div-gpt-ad-1767628821520-5\" data-google-query-id=\"CJ3758Di9JEDFUsurQYd5SwJ_w\">\n<div id=\"google_ads_iframe_\/21873781324\/insurance-business\/ibcw\/ros\/ibcw_ros_970x250_lb_02_0__container__\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<div class=\"wrapper--detail__body\">\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<p class=\"wrapper--detail__body\">Hanini said Ko\u00efos is in a commercialization phase, having started talking to partners in the US last year. Its also expanding its partnership with Applied Systems in the US and Canada.<\/p>\n<\/div>\n<div class=\"wrapper wrapper--detail mb-30-30-20\">\n<p class=\"wrapper--detail__body\">\"We're starting to finalize the partnership [with Applied] in the US and I think it's going to accelerate our expansion in the US market,\" he told Insurance Business.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column fusion-flex-align-self-flex-start fusion-column-no-min-height fusion-column-inner-bg-wrapper fusion-animated\" style=\"--awb-overflow:hidden;--awb-inner-bg-position:center center;--awb-inner-bg-size:cover;--awb-border-radius:6px 6px 6px 6px;--awb-inner-bg-border-radius:6px 6px 6px 6px;--awb-inner-bg-overflow:hidden;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\" data-animationType=\"fadeIn\" data-animationDuration=\"1.0\" data-animationOffset=\"top-into-view\"><span class=\"fusion-column-inner-bg hover-type-none\"><a class=\"fusion-column-anchor\" href=\"https:\/\/www.insurancebusinessmag.com\/ca\/news\/technology\/can-ai-redefine-interactions-between-insurers-brokers-and-customers-446415.aspx?tu=&#038;_hsmi=2&#038;_hsenc=p2ANqtz-_UNCdcwGEEAlc_jBzba1rMfhLxnxBsV3CDcXaiov5752pQcayseP7WX-MYpnceO9d9H1EhoGewzLmUBQu59SLNlPDrmz47pmSIEPyrFNQgHydA5Hc&#038;utm_content=&#038;utm_campaign=Editorial-IBC-NS&#038;utm_medium=social&#038;utm_source=linkedin&#038;hss_channel=lcp-15154282\"><span class=\"fusion-column-inner-bg-image\"><\/span><\/a><\/span><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div style=\"text-align:center;\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-1 fusion-button-span-yes mobile\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#333333;--button_border_hover_color:#ffffff;--button-border-radius-top-left:10px;--button-border-radius-top-right:10px;--button-border-radius-bottom-right:10px;--button-border-radius-bottom-left:10px;--button_gradient_top_color:#7ab837;--button_gradient_bottom_color:#7ab837;--button_gradient_top_color_hover:#6ea72d;--button_gradient_bottom_color_hover:#6ea72d;--button_margin-top:40px;\" target=\"_self\" href=\"https:\/\/www.insurancebusinessmag.com\/ca\/news\/technology\/can-ai-redefine-interactions-between-insurers-brokers-and-customers-446415.aspx?tu=&amp;_hsmi=2&amp;_hsenc=p2ANqtz-_UNCdcwGEEAlc_jBzba1rMfhLxnxBsV3CDcXaiov5752pQcayseP7WX-MYpnceO9d9H1EhoGewzLmUBQu59SLNlPDrmz47pmSIEPyrFNQgHydA5Hc&amp;utm_content=&amp;utm_campaign=Editorial-IBC-NS&amp;utm_medium=social&amp;utm_source=linkedin&amp;hss_channel=lcp-15154282\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">To read the original article, click here<\/span><\/a><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":22376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-22374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-white-pages"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can AI redefine interactions between insurers, brokers, and customers? 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