The Digital Insurance Assistant for European consumers: BRAIN
H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
H2020-EU.3. - PRIORITY 'Societal challenges
H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
Topic: EIC-SMEInst-2018-2020 - SME instrument
Call for proposal: H2020-EIC-SMEInst-2018-2020
Funding Scheme: SME-1 - SME instrument phase 1
Grant agreement ID: 826990
Project description: Choosing the best insurance policy will soon be a lot easier
Searching for the best insurance plan and provider is an arduous task with questionable results. Consequently, people often stick with a sub-optimal policy, wary of following up a couple of years down the road to make sure the landscape has not changed. The Danish SME Comparo has developed COMPARO BRAIN, an app-based personal assistant that compares plans using highly accurate, customised and relevant information while adapting to customer needs through high-tech context-aware technologies. The app will save users time, headaches and significant costs. The EU-funded BRAIN project is supporting technical optimisation and the business research that will enable the team to roll out their product to eagerly awaiting customers.
Objective: Consumers are vastly uninformed when it comes to contracting insurance and using their coverages. Although the average insurance cost per capita in the EU is 2,670€ per year, European users do NOT have the tools to easily compare, select and buy the best insurance policies; those that provide the best insurance coverage at the best price. Furthermore, insurance policies are usually difficult to understand and cumbersome to manage. Our new product COMPARO BRAIN employs state-of-theart Machine-Learning algorithms to offer an app-based personal insurance assistant that will help European consumers get customised information about the best insurance policies, obtain recommendations and contract with the best providers. BRAIN offers comprehensive data on coverages included in the insurance policies of the user and adapts to their needs by implementing the most advanced contextaware technologies that adapt accordingly to create a more relevant and interactive user experience. BRAIN saves 10 hours (35% reduction) of annoying research and bureaucracy in the contracting process. Users obtain optimal insurance policies, avoid paying for redundant insurance coverages, saving on average 20% on their insurance costs annually and avoid paying for everyday services already included in their coverages. Thanks to this project we expect to internationalise our customer base entering Norway, Denmark and Sweden in a first phase. We plan to serve more than 400 thousand households in Europe after 5 years of commercialization.