Insurance Robo-Advisor

Updated: 29 February 2024

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.

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