The Future of Business Insurance is Here.
We built our first agent automation powered by AI
Authentic’s role in evolving the commercial insurance landscape
Navigating the complexities of commercial insurance can be a daunting task for small business owners; at Authentic, we empower our partners to create tailored insurance programs that meet the exact needs of their end-businesses. Authentic’s products are cheaper and more digestible without compromising on comprehensive coverage.
Our new AI Tool allows us to roll up key functions of a traditional insurance agent. We’re combining smart, AI-powered policy analysis with the ability to bind instantaneously, ensuring SMBs receive personalized quotes while eliminating the time-consuming processes and complexity of engaging with a third-party agent.
This tool is a game-changer for SMBs, allowing them instant access to the information they need to make an informed insurance decision on their own schedule.
Empowering SMBs by simplifying their insurance policies
A competitive price is only half of the story, it’s equally important to know what you are sacrificing for the lower cost. That’s where our AI-powered solution adds real value.
Every day, SMBs tell us the same story: their premiums keep increasing, and they don’t truly understand which coverages they do or don’t need. This is why we built this tool, to provide quick access to more affordable policies while also empowering owners with the knowledge that has historically required years of expertise.
Our instant estimates help mitigate these obstacles, enabling your platform to present more small businesses with the opportunity to quickly check if they are either overpaying for insurance or underinsured. In doing so, our tool overcomes the inertia of sticking with an inferior product by leading with the monetary value of switching.
How we’re empowering SMBs to evaluate commercial insurance for themselves
Primarily, we’re helping SMBs answer two basic questions:
Am I paying the lowest possible price?
Instant estimates simplify the insurance application process, using a customer’s existing policy to elicit all of the information we need to provide them with a competing price. By getting a customer a quote in less than a minute, we allow more customers than ever-before to see a quote.
Do I have all the coverage I need for my business?
Most SMBs have had enough negative insurance experiences to adopt the understandable “if it ain’t broke, don’t fix it” mindset and stick with their existing insurance. This led us to seek an ingenious solution, saving users time while enabling them to preview savings they may be leaving on the table.
How does it work?
Simply upload your existing policy documents, and our AI-powered policy comparison tool will extract the data from your existing policy and compare it to an Authentic alternative and other policies on the market. With a layer of intelligence that comprehends the nuances of insurance (such as the perils, limits, and exclusions that are the foundation of an insurance policy) combined with our leveraging of OpenAI’s advanced language processing technology, we are able to present customers with a quote we have built exclusively for their business.
Benefits to your platform
Reduce churn/increase “stickiness”: Easily add insurance into your platform, adding another fundamental SMB product into your workflow
Easy integration: Like all Authentic products, you can integrate extremely quickly
Simple insurance applications: the simplicity of the product will lead to more usage
Access to more customers: Many customers who thought they were satisfied with their insurance will use the calculator because of the easy access
Trial insurance in your platform: Implementing our calculator can serve as a pilot, measuring appetite for future in-platform insurance features
Benefits to your SMBs
Saves money: Checks if we can beat their current price
Saves time: See a fully tailored quote in seconds
Easy to use: Just upload your existing policy
Peace of mind: Match all coverages and ensure no lapses of coverage
Stop paying for unnecessary coverage: Helps SMBs identify if they are over-insured
Improved accuracy: reduces the risk of human error in interpreting policy details
How does our tool work behind the scenes?
1. Intelligent Data Extraction:
Extract key insurance information: Automatically scan and extract critical details from policy documents, such as coverage limits, exclusions, and business metrics
Analyze coverage: Assess the extracted information to identify coverage gaps or areas where better options may be available
2. Policy Analysis:
Optimize costs: Identify opportunities for cost savings without compromising on coverage
Compare policy offerings: Side by side analysis of existing policy and Authentic offering, even in instances of “apples to oranges”
3. Personal Insurance Breakdown
Provide tailored solutions: Offer insurance policies that are specifically suited to the unique needs of each business
Enhance decision-making: Equip business owners with clear, concise information to make informed insurance decisions
Integrating the pricing calculator into your platform
This feature will be rolled out with some of our platform partners, such as Mindbody, PushPress, and Worksmith in the coming weeks, enabling their customers to check they aren’t missing out on savings or underinsured in the platform they already manage their business.
All of Authentic’s clients (franchises, brokers, SaaS companies) can leverage the tool. Reach out to the Authentic team to get you set up in hours.