Swyfft, the Insurance Company that Uses AI to Save Customers Money, Sets Sights on National Rollout
MA, June 6, 2017 - Swyfft, the insurance platform for the twenty-first century, has launched in Illinois and New Jersey this month and are growing fast with plans to expand to other states - including California, Texas, and Massachusetts - over the coming year.
Founded in 2014, 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 artificial intelligence (AI) to turn analytical insights into big savings for consumers, all the while ensuring quality home protection.
“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’s 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 tornados - 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.
The insurance market is a multi-billion dollar industry. Homeowner insurance in the United States is worth an estimated $90bn per year, while personal automobile insurance is worth approximately $170bn. Based on their experience, Swyfft founders estimate that some 30-40% of homeowners are overpaying by $100 to $2,000 per year.
“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 “However, outdated pricing methodologies and a lack of insight lead to inaccurate pricing, with homeowners paying the cost through premiums that are simply too high.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.”
ABOUT
Founded in 2014, Swyfft is disrupting the insurance industry by using unique analytics, Big Data and artificial intelligence (AI) to save its customers time and money. Founded by Sean Maher and Richard Trezza, Swyfft is now launching in New Jersey and Illinois, with plans to expand across the United States, looking to move next into California and New York among others.
