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Will a Robot Replace Your Insurance Agent and Offer Cheaper Rates?

Friday, August 26, 2016 20:59

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Will a Robot Replace Your Insurance Agent and Offer Cheaper Rates?

If you think about it, there are many ways technology has made some roles that were characteristically assumed by humans obsolete. For example, many grocery stores have self-checkout stations and engineers have even created a robotic arm that can stitch up a patient after surgery. One of the newest examples of robotic technology comes from a company that believes robots could eventually replace insurance agents.

Begin by Snapping a Photo of Your License Plate

A company called Insurify is among the first to try and make the process of getting insurance more automated, and it specializes in helping users insure their cars. The initial step involves taking a picture of your license plate and sending it to a robotic agent called Evia (otherwise known as Expert Virtual Insurance Agent). After answering some associated questions, including where you park your car at night, Evia will return information that could help you make sensible decisions about which insurance plan you need.

There’s currently a database comprised of over 80 insurers, and Evia checks it thoroughly to find the cheapest rates. The goal is for the automated system to benefit users by offering them less-expensive rates more efficiently.

Not Preferable for Everyone

Although it’s likely to spark some curiosity, Evia’s entry into the insurance marketplace shouldn’t be cause for insurance agents to feel concerned. After all, there are some people who’ll always prefer face-to-face interactions to text-based ones.

Also, it seems like Evia is best suited to people who are already confident about shopping for car insurance and are okay with doing so by answering pointed questions. If you’ve ever filed taxes through an online program, you’re probably already familiar with that kind of setup. Some people love it, but others find it tedious and would much rather just chat to an accountant to get questions answered and fill out their tax forms correctly.

You Can’t Form a Relationship With a Robot

It’s also useful to remember that robotic insurance agents completely bypass the trustworthy relationship many people have with their respective insurance specialists. For example, a person may find an insurance agency in Seattle and use the same professional from the time they buy their first cars through several decades later. As the years pass and the working relationship deepens, satisfied customers may reciprocate by referring their friends to particular agents.

The Evia system may be convenient and fast, but it arguably removes the interpersonal relationship a person can get by sitting across from an agent and discussing his or her needs. Many people may need to make changes to their coverage as time passes, and wouldn’t feel comfortable doing that by sending a text message to an automated system. In those cases, a human insurance agent can put clients’ minds at ease and make sure they get the appropriate plans without delay.

As you can see, Evia certainly raises some interesting points about what’s possible in the world of robotics, especially since it’s not yet common for the insurance industry to rely on such technology. However, the system isn’t likely to replace traditional agents, or the usual methods people use to pick their insurance plans, anytime soon.

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