Advice for Incumbent Insurers Adopting Startups

On this episode of the Scouting For Growth podcast, Sabine VdL talks to Arvind Sontha, COE and co-founder of Kyber, an AI startup redefining how carriers handle claims correspondence.

The insurance industry is undergoing a seismic shift as carries face mounting pressure to deliver faster, more transparent, and compliant communications to policy holders and clients, so the need for digital claims transformation has never been greater.

KEY TAKEAWAYS

If you think about insurance and tailoring insurance, the underlying model for risk is effectively a ‘user personal model’. We started with an obscure line of insurance that didn’t exist yet – or did around personal cyber insurance. We wondered what it would look like, rather than SMB or commercial cyber insurance, as individual underwriting and risk modelling.

We got lucky finding a great partner in branch insurance very early on. Over the course of our time engaging with them we ended up turning into an extension of their team. We were able to work closely with them, they trusted us to quickly understand their problems and iterate to give them quick solutions, while at the same time they understood that there are going to be quirks with products that aren’t fully fleshed out which they could iron out over time. It was a symbiotic relationship.

If an adjustor has to take an hour to put a document together you have to clear a 1.5-hour space in your calendar to do that. Life is hectic, you have meetings and other tasks to do and so that 1.5-hour block keeps getting moved back, same thing happens to managers. If you can take it from 1.5 hours to 30 seconds for a high-quality letter and a one-click process to approve, you can slip that into any part of your calendar. That’s a really underrated part of the process.

Some of the things we want to do in the future is include things like managed parameters. We think it’s obtuse for all the carriers to manage all the fraud language individually all the time, for example. Kyber could manage that for you to make sure everything’s automatically compliant and good to go. Statutory language really enables the full organisation to be prepared to catch each other.

BEST MOMENTS

‘Kyber is an AI native, document generation and delivery platform made for claims teams, that’s what we do.’

‘Nobody doubted that I could build the complex AI to underwrite and quantify the risk, what they needed to figure out was could I sell insurance, which is why I got my broker’s licence!’

‘The results have been better than I expected, we’ve seen 65% faster drafting times, 80% consolidation of their templates across a 50-state operation, and 5x reduction in letter cycle times for documents.’

ABOUT THE GUESTS

Arvind Sontha is co-founder and CEO of Kyber, an AI startup that is redefining how carriers’ NTPAs handle claims correspondence. Arvind is at the forefront of digital transformation, leading Kyber’s mission to automate and streamline the entire lifecycle of claims forms and letters.

Kyber’s clients report the impact of AI automation is undeniable: Claims teams using Kyber have reduced letter drafting time by up to 85%, cut review time by 60%, and achieved a 3x faster outreach to policy holders.

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ABOUT THE HOST

Sabine is a corporate strategist turned entrepreneur. She is the CEO and Managing Partner of Alchemy Crew a venture lab that accelerates the curation, validation, & commercialization of new tech business models. Sabine is renowned within the insurance sector for building some of the most renowned tech startup accelerators around the world working with over 30 corporate insurers, accelerated over 100 startup ventures. Sabine is the co-editor of the bestseller The INSURTECH Book, a top 50 Women in Tech, a FinTech and InsurTech Influencer, an investor & multi-award winner.

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This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/