02Feb
By: Andrew Lo On: February 02, 2018 In: Artificial Intelligence Comments: 0

The excitement over smart speakers is too loud to ignore and provides great opportunity for those insurance companies that are willing to listen.

Last summer, Kanetix Ltd. celebrated an industry first when we launched the ability for Canadians to ask Google Home for auto insurance quotes and mortgage rates using voice activated technology. In March, we’ll launch this functionality on Amazon, empowering Canadians to ask Alexa for quotes and rates as well. We see this as the next trend in insurtech innovation and are already seeing insurance companies catching on.

Innovating through voice activated technology and artificial intelligence makes sense for us, as it does for the insurance industry as a whole. Google and Amazon dominate the smart speaker market in North America, especially in the U.S., and it’s forecasted that 55 per cent of American households will have smart speaker technology in their homes by 2022.

Now that this technology is becoming more widely available here in Canada as well, we’re going to start seeing an increasing number of Canadians embracing this type of smart technology and inviting it into their homes. This gives insurers an opportunity to rethink the entire customer experience and innovate in ways that weren’t possible before.

Building smart speaker solutions for the insurance industry

I touched on the potential for smart speaker solutions in the insurance industry in a recent blog post called, Are Smart Speakers the Next Insurtech Revolution? When I was at CES earlier this year, the excitement over smart speakers was rampant, especially since they really do make things so easy for consumers.

That’s why we’ve already made it readily available across Kanetix Ltd. brands and have started working with other insurers to build similar smart speaker solutions for their customers. As more companies roll out smart speaker technology (such as Apple’s forthcoming HomePod), this type of product will make its way into more living rooms and more customer experiences.

Imagine this. Someone is thinking of buying a new car and they want to research what the cost of insurance might be for a vehicle. Or perhaps they’re considering purchasing a new home and want to know the best mortgage rate available in their province. From the comfort of their couch, they can say:

  • Hey Google/Alexa, ask InsuranceHotline for an insurance quote for a 2017 Honda Civic
  • Hey Google/Alexa, ask Kanetix.ca for a car insurance quote for a 2018 Mazda 6
  • Hey Google/Alexa, ask RateSupermarket for the lowest Ontario mortgage rate available

Look how easy it is. Here I am demonstrating how to ask Google Home for an insurance quote:

See Kanetix Ltd’s smart speaker solution in person at ICTC2018

We know from talking to our customers that they’re eager to embrace innovation and engage with technology that makes personal finance and finding savings easier. As the digital space continues to evolve, it’s imperative that insurance companies stay current with new technologies and leverage them to enhance customer experience.

We’ll be demoing our smart speaker solution at the upcoming ICTC2018 conference on Feb 27 and 28. If you’re curious about these solutions, this is a great way for you to see the power of this technology firsthand, ask us about our experience with it, and find out what solutions might be possible for your customers. If you can’t make it, don’t worry. We’d be happy to discuss your questions anytime.

Turn it up: Now’s the time to get curious about this technology

Consumers expect solutions that mirror and improve their everyday lives. As AI powered technology such as Google Home and Amazon Alexa become increasingly commonplace, Canadians will come to expect these fast and easy solutions to be available across all sectors including insurance, personal finance and beyond.

We may be in the early stages of seeing the true power of smart speaker technology, but have no doubt that it’s here to stay. A whole world of innovation and opportunity is opening up for InsurTech companies and those who don’t explore it risk falling behind.

 

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