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Gefen International AI Technologies Reduces Insurance Cost
With annual commissions of over 400 billion USD, the insurance market continues to be one of the most rapidly expanding sectors across the globe. Insurance companies traditionally used agents to manually research financial safeguard solutions to protect their clientele.
To offset the need for manpower and increase underwriting efficiency, Gefen International AI (ASX:GFN), an Australian publicly traded tech corporation, created an award-winning platform named ‘Moments’ that deploys artificial intelligence to mitigate risk factors.
The use of Artificial Intelligence (AI) by Gefen Technologies has since created a buzz in the insurance market by offering fraud detection, underwriting, risk management, and cost-effective services at the click of a button. The usage of Gefen’s AI platform allows insurance companies to create a very powerful and strongly interlinked agent network that serves to improve customer interaction, analyze data tracking, and ensure the distribution of safeguarding products along with financial security services in a timely manner.
These factors within the sector are said to save both the insurance companies and their underwritten clients billions in fees.
According to Gefen’s co-founder and CEO, Orni Daniel, a former Israeli F-15 Air Force fighter pilot, around 91% of insurance policies are manually created via advisors.
Orni claims “Due to regulation, customers need financial advisors to explain to them about the risks and complexities surrounding life insurance or financial products like pension plans for example. But the business for these advisors hasn’t had any digital transformation at all, and we’re talking about tens of millions of advisors serving customers around the world”.
The incorporation of Gefen’s disruptive AI technology within the insurance sector at the b2c (business to client) level is said to provide customers with a more inclusive and less costly insurance experience while allowing insurance agents and corporations at the B2B (business to business) spectrum to save their valuable time on research and focus primarily on growing their sales revenue.
Gefen International Insurance Market Growth
Throughout the first half of 2021, Gefen saw parabolic growth across its key metrics. Their platform end-user database increased from 60,000 to 125,000 users, and corporate agents grew from 1,500 to 16,500. By June 2021, Gefen went public and raised nearly $25 million on the Australian Stock Exchange (ASE) with a current market cap of 69 million and growing.
Harper Harrison is a reporter for The Hear UP. Harper got an internship at the NPR and worked as a reporter and producer. harper has also worked as a reporter for the Medium. Harper covers health and science for The Hear UP.
