Definition - What does Insurance Robo-Advisor mean?
Insurance robo-advisors are artificially intelligent software that provide insurance services without, or with only minimal, human interference. Robo-advisors deliver relevant assistance by collecting information about the customer and processing that information through an algorithm.
Insuranceopedia explains Insurance Robo-Advisor
Robo-advisors are said to be the future of insurance. Currently, insurance applications are made mostly through human agents and usually in a face-to-face encounter. Web applications might change all that, as automated processes will replace human brokers.
Insurers stand to benefit from using robo-advisors since it will lessen the cost of labor. As the technology improves and as new insurance customers become more efficient at using and interacting with technology, robo-advisors can also help insurers provide customer service that can match and possibly exceed that offered by their human counterparts.