Automating Answering Questions made Specifically for Insurers
As we dive deeper into our program, we are kicking-off our startup spotlights with Allganize. Allganize helps insurance companies automate answering questions from a myriad of complex text documents. Its applications include assisting service representatives in customer support centers, enhancing the search experience on the website and mobile app for end-users, providing customer support chatbot and extracting important entities from text contracts for underwriters and agents.
Changsu Lee, CEO and Founder, and Benedict Von Merey, US Sales Manager, have joined us for the duration of the program from Oakland, California. We sat down with Changsu asked him a few questions about Allganize:
Where did the idea for Allganize develop from?
After having successfully sold my previous company, a mobile app analytics firm, I wanted to focus my efforts on the enterprise AI space. Advances in deep learning have the power to automate a lot of repetitive work processes that are currently done manually. We want humans to be able to focus on value-added tasks and let robots do robot work.
Why did you choose the name ‘Allganize’?
It is a mix between the words “all” and “organize” since we help our clients organize all their documents. Besides, it has a nice ring to it!
Who is your current target audience?
Businesses across industries are maintaining costly helpdesks to handle thousands of support requests every month. Our target audience are large companies since automation can have a significant impact on their bottom line. Insurance companies hit our sweet spot since there are a number of workflows across different business lines that can benefit from our technology.
How do you think Allganize is going to change the industry?
At the moment there is a big disconnect between the information that insurance companies possess and the time it takes its clients and employees to access it. Allganize’s AI technology has the power to close that gap and thereby setting the new standard in terms of customer satisfaction and employee productivity. Furthermore, it can turn large amounts of unstructured data into actionable insights and allow leaders to take more data-driven decisions.
What made you want to join an accelerator program?
The excellence of the mentors and sponsors we met during the selection days impressed us. We are hoping to leverage the professional network of the Hartford Insurtech Hub to boost our business development efforts in North America and close deals with large insurers.
How did you and cofounder meet?
We had successfully worked together on a previous venture so when I founded Allganize in 2017 I told Yasuo, our Japan Sales Manager, that I couldn’t think of a better man for the job. He was on board immediately and has been a key factor in our early success so far.
How did you find out about Hartford InsurTech Hub?
Before joining Hartford Insurtech Hub we were in talks with Startupbootcamp Mexico City, which was introduced to us through our professional network. Hartford was a better fit in the end so we applied and got in.
How does Allganize improve the quality of life?
Imagine you are a customer support rep at any major company. Every day you have to answer the same type of question hundreds of times. The client on the phone with you is frustrated because he’s been waiting on the phone for 20min to talk to you. You are frustrated because you have to repeat yourself all day long. And your boss is frustrated because he is spending a lot of money on support while customer satisfaction is low. Using Allganize, customer support reps can let the AI answer simple requests while they focus on complex tasks requiring a human touch. Clients are happy they get the support they need and businesses are saving money!
What do you think has been Allganize’s biggest obstacle, and how have you overcome that?
Working with some of Asia’s largest companies has not come easy. For a multinational conglomerate to engage with a seed-stage startup a lot of trust needs to be built. In order to overcome our clients’ reservations, we offer them a free trial and are very transparent about the way we work. We encourage all our customers to conduct benchmark studies with our competitors and the results speak for themselves. Once they see what we are capable of our clients become close partners of ours and our low churn rate reflects that.
What advice would you give a startup that is interested in joining the Hartford InsurTech Hub’s accelerator program?
Speak to as many people from the HIH as you can. Make sure you have a strong value proposition. Take the jump and go all the way!