PeppercornAI launches SaaS offering
PeppercornAI has announced the launch of its SaaS product. The insurtech will offer its digital assistant Pipr as a SaaS proposition to MGAs, insurance providers and brokers.
Pipr uses conversational AI to deliver a personalised, responsive and empowering customer experience. Using natural language understanding, the platform guides customers through the motor insurance purchase process, removing the need for filling out forms and waiting on hold.
Since launching its own MGA Peppercorn Insurance in January 2023, the insurtech has exceeded initial expectations, encouraging the acceleration of its SaaS product launch. Specifically, the start-up is seeing interest in its platform due to its ability to lower operational costs and mitigate risk by offering an end-to-end digital experience – what the company refers to as a ‘conversational-first’ approach.
Currently, less than one in ten Peppercorn customers ever needs to interact with a customer agent, reducing the number of agents needed in call centres. While the industry’s best-in-class agent: policyholder ratio is 1:1250 Pipr’s is 1:5000, resulting in lower expense ratios.
Furthermore, Pipr’s automated pre-sale underwriting feature can improve risk and lower loss ratios, a process that is typically done manually and takes significant time and resource.
Rising costs have continued to put pressure on the motor industry. In June, industry analysis found that the increasing costs of claims payouts and vehicle repairs were resulting in record high premiums and policy renewals for consumers.
In launching its SaaS product, PeppercornAI aims to support the industry by relieving rising cost pressures through the use of its technology, which it says can deliver lower prices and improve the customer experience at the same time.
Nigel Lombard, CEO and Founder of PeppercornAI, commented: “We’re on a mission to help the entire industry accelerate its digital transformation, whether it’s an insurtech start-up with ambitious growth targets or a legacy provider looking for solutions to drive greater efficiencies.
“Our team of insurance experts have transformed the customer experience to a wholly digital conversation, by building and training the world’s first conversational AI platform that’s purposefully built for insurance. Not only is this conversational-first approach providing a better customer experience which we’re seeing with consistently great reviews, but it’s also proven to lower expenses and helps to mitigate risk too. It’s a win-win-win – for customers, businesses and the industry.”
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