Rowland Manthorpe of Wired long-read: To survive in our economic system, humans are required to be tirelessly rational beings. Maybe robots can do a better job.
Brolly, an insurance startup, is using the data it collects from customers and providers (such as when a company gives its premiums their annual hike) to create an automatic policy switcher, which launches in March 2018.
"Paying too much for insurance is not a rational decision, it’s usually a factor of the cost of switching - a mix of inertia, lack of understanding, complex products, bad UX," says Brolly founder Phoebe Hugh. "By using technology to understand the customer’s needs and scan the insurance market, we can transfer the burden of decision-making away from the customer."
Brolly's system still defers to the customer for final approval. But eventually, you might let this kind of finance software take over altogether, auto-switching your motor insurance or refinancing your mortgage. Why not? It’ll undoubtedly do it better.
You can read the full piece here.
Brolly is an insurance app providing a fresh and personalised experience for the digital generation. We’re addressing the problems with the traditional approach to insurance; overpaying for cover you don’t need, extensive forms requesting details you don’t know, and lengthy policy documentation you don’t quite understand. Brolly’s customers can connect their inboxes and allow our AI to do all the hard work for them. We’ll locate your current insurance documents, compare these with your assets and lifestyle, then provide you with recommendations and more tailored cover which is personal to you. This is all managed straight from your smartphone, so yes, you can finally clear out that filing cabinet. Brolly launched its initial product on iOS in November 2017, and has raised $2 million in funding from renowned investors such as Peter Thiel’s Valar Ventures, Pi Labs, and Entrepreneur First. We’re changing the way that insurance works, so that it works for you. www.heybrolly.com