TORONTO, Feb. 26, 2018 /CNW/ - Kanetix Ltd., in partnership with Integrate.ai, is the first Canadian InsurTech company to successfully pilot artificial intelligence and machine learning to enhance customer experience and improve marketing ROI. Kanetix Ltd. will now scale this technology across the organization and bring it to its insurance partners.
Janine White, Vice-President, Marketplaces at Kanetix Ltd. says, "AI is something that the Insurance Industry has been talking about for a while. Being able to implement it not just for business growth but also for enhanced customer experience, is very exciting. And we won't stop here. We will continue to implement more AI driven transformations in our business, as well as bring that data and our learnings to the insurance industry in Canada."
The initial pilot started in September 2017 and targeted consumers on the Kanetix.ca car insurance comparison website that were on the fence about purchasing auto insurance. Based on the website's deep pool of data, Integrate.ai configured its platform to predict which customers were likely to convert and their preferred method of transacting, allowing Kanetix.ca to provide a tailored buying experience.
Over the course of the pilot period, the efficacy of the platform's predictions improved by approximately 38 per cent. Kanetix.ca experienced a conversion increase in auto insurance transactions of 13 per cent (a greater than 5x improvement from early results) and generated 2.3x ROI. Kanetix.ca is now running 100 per cent of its Ontario auto insurance quotes through Integrate.ai's platform.
"We're thrilled to be driving tangible financial impact at Kanetix Ltd. Their commitment to improving their organization through innovation has made Kanetix Ltd. an ideal early partner. We look forward to continuing to work together and growing our partnership," said Steve Irvine, Founder and CEO of Integrate.ai.
As Kanetix Ltd. leverages the technology for partner organizations, Integrate.ai will continue to support Kanetix Ltd. in bringing this innovation to the insurance marketplace.
"Implementing cutting-edge AI and machine learning technology to enhance innovation and drive revenue growth at Kanetix Ltd was the ultimate business goal, but it would be meaningless without improving the customer experience too," said Andrew Lo, CEO and President of Kanetix Ltd. "We're now able to anticipate customer expectations and offer them the best shopping experience that aligns with their lifestyle. We're looking forward to expanding the use of Integrate.ai's platform and are keen on sharing our learnings with our peers to help drive the industry forward."
This project is a finalist in the 2018 ICTA Technology Awards. The winners will be announced on February 27.
About Kanetix Ltd.
Kanetix Ltd. is Canada's largest digital customer acquisition platform for insurance and financial services. With over 8 million shoppers visiting their five consumer-facing comparison websites yearly, Kanetix Ltd. leverages their unique insights, data and expertise to help insurance and financial services companies drive digital growth. In addition to their digital marketing services, the company also builds cutting-edge Insurtech solutions to help insurance companies compete in today's digital landscape. Kanetix Ltd.'s mission is to help every Canadian make better money decisions.
Integrate.ai (IAI) is an AI powered enterprise software platform that helps large consumer businesses transition to a customer-centric business model. The platform applies cutting-edge artificial intelligence algorithms to a unique combination of social media, alternative data, and first-party data to personalize and optimize engagements with customers to increase marketing effectiveness, customer prospecting/cross selling, and customer service. Integrate.ai's platform enables us to drive increased revenue in our business by applying artificial intelligence.
For further information: Media Contact Information: Tara Bolger | BlueSky Communications Inc., 90 Sherbourne St, Loft 106, Toronto, ON, M5A 2R1, 647-228-3944