Sydney, 6 December 2024 –
- BizCover announces new AI-driven projects at its annual Tech Showcase
- Brad Hoyle, BizCover’s Operational Excellence Manager, emphasises the potential of “agentic AI” in 2025 and what this means for the insurtech industry.
BizCover, Australia’s number one online business insurance service, hosted its annual Tech Showcase last night with key relationship partners in attendance, including Amazon Web Services (AWS).
Hosted by BizCover’s Operational Excellence Manager, Brad Hoyle, the annual Tech Showcase provides attendees with an exclusive look into the transformative technologies shaping the company and the industry’s future.
As expected, the number one topic of most interest to everyone is AI.
“In 2024, we leveraged AI to enhance our core compliance processes, transitioning from logic-based tools to building in-house, GPT-powered solutions,” said Hoyle. “Our advancements are not just about efficiency – they’re about creating smarter, more intuitive systems that empower our team and serve our customers better.”
Among the key new projects unveiled was Plinko, an occupation classification tool specifically designed to improve accuracy when matching customer occupations with new insurance policies.
With the help of AI, Plinko makes it easier for small business owners to find the right insurance policy that accurately matches their occupation.
“We knew that [finding the right occupation] can sometimes be difficult for customers, especially those in a niche industry,” explained Hoyle. “Plinko is the solution to this issue. It streamlines the process for customers, meaning less time spent inputting data.”
Plinko is built on Amazon Web Services, Inc. (AWS), using Amazon Bedrock, and developed in collaboration with AWS Professional Services. Amazon Bedrock is a fully managed service that offers a choice of high-performing Large Language Models (LLMs) from leading AI companies, such as Anthropic, Meta and Amazon, through a single API, along with a broad set of capabilities you need to build generative AI applications with security, privacy, and responsible AI.
Hoyle also gave more details on Echo, a revolutionary call compliance tool that uses GPT technology to analyse and optimise customer interactions over all customer sales channels.
“We’ve been using AI in core compliance for many years,” said Hoyle. “But the previous tool we used, which was built externally, was only helpful with verbatim scripting. So we thought, why don’t we build a GPT-powered tool ourselves that is custom-designed for our specifications?”
Hoyle iterated that the purpose of this custom-built compliance tool is not just to “tick boxes”, but to also provide feedback for agents when interacting with customers. This empowers the BizCover sales team to continuously improve based on real-time feedback.
Finally, Hoyle spoke about the company’s vision for the future and what exciting new developments are on the horizon for the insurtech industry.
He said, “I think 2025 will be the year of agentic AI, where voice and digital agents become commonplace. It’s exciting to think about, because it means that we can provide an even higher level of customer service to our customers, and it’s completely scalable depending on demand.”
Hoyle wrapped up by saying, “2025 is going to be a huge year in the insurtech industry. BizCover hasehad exceptional results every quarter in 2024, but there is always more we can do to ensure we’re going above and beyond for our customers. We aren’t planning on slowing down at all in 2025. There is plenty more to come.”
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
© 2024 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769
