Insurance web aggregator AskArvi is looking to raise another round of funds to build a voice-based intelligence platform. In an interaction with Moneycontrol, founder and chief executive officer of AskArvi, Sushant Reddy, said initial funds raised have been used for technology capacity building.
In September 2017, AskArvi raised an early stage undisclosed amount of funding from a group of American angel investors. It has partnered with 12 leading insurers in the market including Bajaj Allianz, HDFC ERGO General Insurance, Apollo Munich Health Insurance among others.
The company is an Insurance Regulatory and Development Authority of India (IRDAI) licensed insurance web aggregator that provides an instant, intelligent and interactive buying experience to young Indians. It uses AI-enabled mobile chat to understand the needs of customers and offer personalized plans.
Reddy said their aim was to simplify the products and minimise the time taken to buy a product. Their platform currently uses chat to reduce their purchase time. The company started off in January 2017 and competes with other aggregators like Policybazaar and myinsuranceclub.
Started with an idea to provide personalised experience to customers, AskArvi aims to break down the complexities of insurance. Furthermore, it aims to improve the purchase experience of customers by directing them to the relevant insurance plan as well as helping them through the sale process via the mobile chat feature.
Big data and artificial intelligence are leveraged to cut down the time taken to buy a product and offer a more need-based solution to customers. AskArvi has a Virtual Insurance Assistant and reaches out to the customers by automating their pre and post sales experience.
“We are largely in the health and travel insurance space right now. The idea is to expand into other areas like motor and life insurance as well. But the products need to be simple and suited to individual needs,” said Reddy.