January 29, 2016
The moment you have probably been excited about or perhaps afraid of has just arrived. An InsuranceTech startup from Massachusetts has just replaced a human with AI. If you are in the car insurance industry, this might be the right time to start a transition into other field.
We have been looking at InsuranceTech attentively, but AI was really expected to replace traditional wealth management advisors before it replaced insurance agents. Nevertheless, Insurify, a startup out of MIT, today announced the launch of Evia (Expert Virtual Insurance Agent), an artificially intelligent virtual insurance agent that aims to find you better car insurance using a photo of your license plate.
In addition to that, the startup also announced a $2 million seed funding round, led by Rationalwave Capital Partners. But even $2 million in funding fades against the potential opportunity in the $160 billion car-insurance industry.