The insurance market is a multi-billion dollar industry. Homeowner insurance in the United States is worth an estimated $90 billion per year, while personal automobile insurance is worth approximately $170 billion.
Based on their experience, the founders of the AI-powered insurance platform Swyfft estimate that some 30-40% of homeowners are overpaying by $100 to $2,000 per year.
Now, the insurance platform for the twenty-first century, has launched in Illinois and New Jersey this month and is growing fast with plans to expand to other states – including California, Texas, and Massachusetts – over the coming year.
“We are disrupting the industry in two distinct ways,” says Swyfft co-founder Sean Maher. “The first is that with homeowners, we can give a quote in five seconds using only their address. Nobody else has a user experience as easy or fast as this. The second is that, using our proprietary data and analytics, we can offer lower prices to some people by using AI to produce more accurate insights on the expected future losses.”
Swyfft is disrupting the insurance industry by using unique data analytics to save its customers time and money. The company is improving the insurance user experience without sacrificing underwriting integrity. Swyfft’s patented Big Data technology uses AI to turn analytical insights into big savings for consumers, all the while ensuring quality home protection.
The web app is simple to use and easily customizable. Users simply enter their home address, with no personal information. Swyfft’s multi-patented AI-driven technology sorts through data points – including, fires, hail, and tornadoes – to create policies that save an estimated 50% of customers money. Policies can then be quoted, adjusted, bound, issued and emailed to the customer in less than a minute, directly from a phone, tablet or laptop.
“Across the country, weather is a leading cause of damage to homes with disasters like hurricanes and fires causing the highest costs,” Maher continues. “However, outdated pricing methodologies and a lack of insight lead to inaccurate pricing, with homeowners paying the cost through premiums that are simply too high. At Swyfft, we want to change that.”
Complex LiDAR data and 3D modeling help Swyfft to map and predict wind patterns and nearby dangers, through understanding the building’s surroundings. In this way, the company’s patented algorithms surface more accurate and often less expensive quotes by bringing the power of AI directly to the consumer.