In an effort to get to know the InsurTech ecosystem and their representatives better, we asked them a few questions.
This time we caught up with Pranay Jain, CEO & Co-founder at Enterprise Bot, who takes part to the InsurtechSummit co-organized by Farvest and the LHoFT on October 18th.
Can you tell us a little about yourself and about your company? How did you get the idea to launch your service?
I am a co-founder and the CEO of Enterprise Bot. Being a passionate entrepreneur, I am primarily responsible for the synergy between business and technology. I have previously served as a Director at a leading real estate company where I managed the finance portfolio and as the co-founder of another technology business.
While chatting in a WhatsApp group we made jokes about how repetitive messages have to be automated based on the fact that people write such similar messages. The joke became reality when we made this magic happen with Ravina Mutha - our CMO and my childhood friend- and Sandeep- our CTO. Enterprise Bot creates AI-powered chatbots to automate customer interactions and provides enterprises with a readily accessible digital agent to improve customer experiences and create operational efficiency. Based in Switzerland, we are supported by Startupbootcamp, F10 and Generali Switzerland the start-up.
What does it take to be a good entrepreneur?
For me, a good entrepreneur always:Honor his commitment of delivering high quality products within the stipulated time frame Focus company growth (funding, revenue, satisfied clientele across domains) Keep his own employees happy, motivated and engaged
What is your role model or leitmotiv and why?
I have always been inspired by the leadership ideologies of Warren Buffett. I have always find him a perfect blend of energy and calmness at the same time which truly shows what great entrepreneurship is all about. His people- philosophy and strong believe on integrity and continuous learning is what I seek for while leading my team into the future.
Any personal insight on Insurtech trends you want to pass on to readers?
I was really fascinated by a recent article by McKinsey on “The impact of AI on the future of insurance” and would like to share few trends:
Next decade will be drastic transition from “purchase and annual renewal” model to the highly dynamic, usage-based insurance (UBI) products. The insurance offerings will soon be tailored to the behavior of individual consumers and constantly adapt to an individual’s behavioral patterns
Artificial Intelligence, Convolutional neural networks and other deep learning technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims
The experience of purchasing insurance is going to get really faster, with less active involvement on the part of the insurer and the customer. Enough information is known about individual behavior with ,connected consumer devices and AI algorithms creating risk profiles, so that cycle times for completing the purchase of an auto, commercial, or life policy will be reduced to minutes or even seconds
Smart contracts enabled by blockchain instantaneously authorize payments from a customer’s financial account. Meanwhile, contract processing and payment verification are eliminated or streamlined, reducing customer acquisition costs for insurer
Automated customer service apps and advanced algorithms will continue handling initial claims routing, increasing efficiency and accuracy. The turnaround time for resolution of many claims will be next measured in minutes rather than days or weeks.
More information about Pranay Jain: A co-founder and the CEO of Enterprise Bot, Pranay is responsible for the synergy between business and technology. He has previously had extensive entrepreneurial experience having served as a Director at a leading real estate company where he managed their finance portfolio and as the co-founder of another technology business. He has won the US Federal reserve challenge for monetary policy assessment based on statistical analysis.
Publié le 12 octobre 2018