PriyaPatel
The Rise of AI Will Revolutionize Insurance
TLDR:
- Insurance industry has been slow to adopt technology
- PeppercornAI uses AI to transform insurance model
- PeppercornAI’s platform, Pipr, offers a digital, personalized insurance experience
- Pipr helps customers navigate the insurance process and understand their policies
- Providers can use data from the platform to improve customer experience and prevent fraud
- PeppercornAI plans to focus on growing Pipr’s presence among insurance providers over the next year
The insurance industry has been slow to adopt technology, according to serial entrepreneur Nigel Lombard. He believes that outdated models and inefficient processes have cost consumers dearly, and the industry is in need of transformation. Lombard is now turning to artificial intelligence (AI) to revolutionize insurance. His latest venture, PeppercornAI, uses AI to completely transform the insurance model. PeppercornAI’s platform, Pipr, replaces traditional online forms and call centers with a digital, personalized insurance experience. Pipr uses AI to help customers navigate the process of buying, managing, and understanding their insurance policies.
PeppercornAI aims to provide a more empowering experience for customers and put them in control of the conversation. The platform eliminates confusion and helps customers make informed purchase decisions. On the other side, providers can leverage the data from Pipr to improve customer experience, better protect against risk, and identify and prevent fraud more effectively. Lombard believes that AI is developing at a rapid pace and is driving an industrial revolution, which makes the timing perfect for PeppercornAI.
PeppercornAI’s team is fully remote and spread across the UK, with a strong presence in Cardiff. The company plans to focus on growing Pipr’s presence among insurance providers in the next 12 months. To date, PeppercornAI has received £2.1 million in seed funding and is preparing to close another fundraising round. Lombard is proud to be included in BusinessCloud’s InsurTech 50 ranking, as it validates the work his team has done in launching a product that has the potential to change the entire insurance industry.
