The life insurance industry is a dinosaur. It has yet to leverage the innovation in AI and big-data to improve its relationship with customers or the way they analyze behaviors and lifestyles. Despite vast data in social, mobile and fitness platforms, or the advancements in data modeling, none of it has enhanced the experience of buying life insurance.
Further, the relationship between insurance companies and their human customers is an uncanny one. Traditionally, it is based on the bad things in people and the bad things in life. What is especially unique about it is the assumption that people aren’t truthful and that deals were made to be broken. Onboarding a new customer is a process that often resembles an interrogation, where the insurer gathers information on the customer’s past and present that could be incriminating.
It’s no secret that many insurers assume the customer will not be honest and that lies will be uncovered during the process. And when it's time for the insured to file a claim, it often gets even more weird. Just when a customer needs to use his or her health, car or estate insurance, the service provider will do its best to use the data it has to not meet its end of the deal. It seems their intent is to not pay the customer what’s due in their time of need. But would we accept this kind of behavior from a partner, another service provider, friend or neighbor? The answer, of course, is a resounding no.
Before anything else, Sproutt is a group of people for people. It’s a community of founders and engineers who have been working together for more than a decade. Their connection was established at their previous, Sequoia-backed company, Kontera. It was then sold to Singtel and became the basis for a business and technology platform for the group. After a few years at Singtel, something unusual happened: the entire core group, three founders and five engineers, decided to go at it again together. They also decided that they wanted to do something that would impact people’s lives positively.
It all started with a group of young, open-minded parents, who were connected to both their environment and their bodies. They shared a belief in living life well in an open and friendly way, so they decided to bring this way of living to the world of personal insurance. They infused it with life and health.
Sproutt offers modern and personalized life insurance for each customer, while also seeking to improve his or her quality of life. It’s not just a simple and fast way to buy insurance, but also an experience focused on identifying the good in customers and leveraging it to provide better products, services and prices. Instead of focusing on the negative in life, Sproutt is keen on the positive.