By empowering customers, Peppercorn’s assistant is able to help and guide them through the insurance purchase process resulting in a more personalised user experience. Furthermore, putting the customer in control of the conversation also removes the need for filling out forms and waiting on hold with the assistant able to respond to queries straightaway using natural language understanding
By relying on smart, intuitive, conversational technology, Peppercorn is able to keep operating costs and expense ratios low, particularly compared to legacy insurance providers. Not only does this remove the need for physical call centres, but also results in more competitive insurance premiums for the customer. Furthermore, by utilising cutting-edge, counter fraud technology and pre-inception underwriting decisioning, the platform ensures that customers are getting the best possible coverage at the best possible price.
Peppercorn’s team is a fully remote workforce with employees working in all four home countries (and abroad). The company, which raised £1.8m in seed funding from EHE Capital in April, is initially focusing on motor insurance and is a managing general agent (MGA).
Lombard, who is both the Founder and CEO, has been able to bring together a team that includes engineers, developers, data scientists and customer experience experts plus a highly experienced senior team with the perfect blend of insurance and technology expertise. He commented:
“The traditional insurance model is broken. High operating costs and outdated business practices such as filling out manual forms and leaving customers waiting on the phone on hold all result in a frustrating user experience where the customer ultimately pays much more than they should for insurance. We’re here to change that.
“Our team has a dynamic blend of insurance and technology expertise and have worked hard to build a unique experience and service. To launch a quality product on a leading Price Comparison Website in such a short space of time is a testament to the team’s commitment to transforming the insurance industry.
“This is a significant milestone for us and we’re just getting started. Our company is committed to refining and evolving Peppercorn’s platform, empowering our customers and improving their experience, one conversation at a time. At a time when saving money on bills is at the top of everyone’s minds, Peppercorn will show how smart technology can result in fairer pricing for consumers. And the response we are already getting from our customers suggests they agree too.”
Source: Fintech Finance News