Israeli Capital Markets Regulator Green Lights Choco - World's First Autonomous Insurance Company
New Regulation Licenses Choco to Operate Autonomously Without Offices or Employees; Leveraging ChatGPT for Customer Service, IoT Devices for Property Protection to offer Policies at 30-50% Below Market Rates
TEL AVIV, Israel, May 24, 2023 /PRNewswire/ -- Choco Insurance Ltd, embodying the Israeli Insurance Authorities' digital vision. The Israeli regulator makes global history, granting the world's first license to an insurance company operating solely on artificial intelligence, without offices or employees.
An integral part of Choco Insurance's disruptive presence in the market is its innovative strategy for commercial lines, an area currently underinsured and estimated at 3 billion USD a year, with less than a third of it covered. Choco's digital services are operational 24/7, offering a plethora of insurance policies to cover this gap. Their marketing strategy utilizes insurance plug-ins that integrate seamlessly with existing ERP or HR systems, thereby automating the onboarding process.
In terms of data security, Choco Insurance abides by the highest cybersecurity standards (SOC, ISO), ensuring end-to-end encryption and protectin of data. Choco's data models perpetually collect data from maps, governmental data, and more, creating billions of potential policies at any given time. With the advancement of technology and the availability of data, it is possible for users or APIs to input their details and receive an optimized and fully personalized insurance policy with the best price. This process is known as personalized or algorithmic underwriting.
Choco has taken strides in providing convenience to customers with its range of embedded products. For example, auto insurance can be accessed as an app on a vehicle's computer.
Upon activating the app, customers can conveniently input their credit card information and proceed to authenticate themselves via their mobile device or NFC, and they're good to go.
For home insurance, customers can utilize their WiFi to scan and add digital inventory automatically or simply take a photo. Furthermore, with smart tubes and IoT-powered power monitoring, homes can be protected from water damage, fires, and electrical faults. Coupled with a no-commission lifetime free pension, a digital wallet, and a myriad of other reimagined insurance products and financial services, Choco Insurance is fundamentally reshaping the way we think about insurance.
Choco Insurance is a trailblazer, starting its journey in the Israeli startup nation, recognized globally as an innovative insurance adaptor, powered by the Israeli regulator. This venture isn't merely a pilot; it's a large-scale transformation to make insurance services better, setting a precedent for the global insurance industry. The world is watching, and the expectations are high. The future of insurance is here, and it's autonomous.
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