Artificial intelligence is one of the most powerful tools ever invented. It can transform businesses in ways no one could have predicted, by granting customers instant access to information and vast amounts of computing power to analyze it.
include big national brand names such as Nationwide, Metlife, Progressive, Travelers, Safeco, as well as regional insurance companies. You can sign up for your new insurance and cancel your old one through the app. No muss, no fuss. Done.
can save you from a couple of hundred dollars to over $900 per year. It doesn’t do this by reducing your coverage. It uses an AI platform to match your current coverage, so you can compare apples to apples. For people that use and switch their insurance using
on average, Root customers save $589 per year on average. Not sure what Root Insurance is? Started in 2015, Root is a car insurance company, offering insurance rates after people download the app for a 3-week "driving performance test."
has harnessed the immense potential of machine-learning to act as a personal insurance shopper that can dynamically search for the best price for auto insurance across dozens of carriers, without downgrading your coverage. It can easily shave off a few hundred dollars a year, and all you need to do is download the app.
Root took a different path. It claims to save drivers up to 52% annually in premiums, but there are a few asterisks you might want to check out first. If it doesn’t bother you that complete strangers will know where you are twenty-fours a day for three straight weeks, then Root is for you.
That’s because before you even get a quote from Root, you have to submit to their driving test. Back in high school, a driving test took maybe twenty minutes. Root’s will take three weeks! That means three weeks of them tracking your location at all times, determining if you’re a "good driver," even if you’re
And guess what? After three weeks of them following your every move, you might not even get a quote! Maybe you stopped to get a burrito. Or you sped up to pass the ice-cream truck. Or your kid-brother drove you home and he’s got a lead foot… who knows why you didn’t get into their club, the fact is, you just wasted three weeks of your life and now a company who rejected you has a big chunk of your personal data. And you’re still paying too much for car insurance. Yikes!
, a Pentagon employee in Virginia and and a Chicago Cubs fan in Illinois can save over $1,000 per year. A couple in Colorado would see less savings, but the point is, you can’t assume anything when it comes to car insurance.
The Cherry-Picker
Such as thinking somehow Root (or StateFarm, or Geico…) has the "lowest" prices. This is erroneous based on the fact that Root cherry-picks its customers, trying to find "the best drivers" while leaving everyone else out in the cold. The fact is, Root customers who used
app and found out if I switch to Nationwide my policy would only be $57 and I get a refund from my insurance company for the remainder of my policy. I love the
"I usually scoff at insurance broker ads and their inflated savings," said Brian W., "but this app is truly different. My wife and I literally saved 50% on our insurance, and we were already with a rock bottom insurance company (Root). We now have better coverage for almost half the price. But beyond the savings the
was super easy to use and they take care of everything for you. This is the future of insurance shopping. Love it!"
AI to the Rescue
Testimonials like these aren’t surprising, because that’s what AI does when it’s used to save people money. Before AI, it took many phone calls with agents who could only check with a few carriers, and now thanks to
to make sure that they are in fact paying the lowest rates for car insurance. Just because a company claims they can save you 52% doesn’t mean they will. More importantly, it doesn’t mean that the low entry-level rates will continue.
Jerry does this by continually monitoring customer profiles to ensure that each person or family has the best price and the best coverage. In the end, Tom Cruise got his client the best deal possible, by not backing down. That’s the power of