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Wrapped Insurance

A startup insurance app managing all your policies in one place.

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Loved working with the amazing team of data scientists and developers at ARQ Group. Their unique approach of rapid experimentation and collaboration has provided me with an excellent MVP product I can go to market with quickly.

Sofia Rostankowska, CEO Wrapped Insurance
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Project Background

How to alleviate the pain from the insurance mundane?

With multiple policies expiring on different dates across numerous insurance companies, why can’t we see it all in one glance?

There must be a better way…

Enter Wrapped Insurance mobile app (WrApp).

With better things to do than memorising policy expiry dates and coverage conditions, WrApp conveniently centralises all your insurance policies from all your insurance providers giving you total transparency and control.

“When it comes to insurance, everyone gets excited.”
– said no policy holder ever.

Wrapped Founder and CEO Sofia Rostankowska knew a compelling user experience was crucial to combat the lack of user engagement in insurance. Intuitive, frictionless and fast is key for user adoption.

Creating an experience where users simply upload their policies with machine learning (ML) and artificial intelligence (AI) taking care of the rest.

The biggest challenge: how do you generate a meaningful overview of a user’s insurance landscape with only the policies they’ve uploaded?

Solution

ARQ’s team of data scientists and developers employ the latest in cloud technology and open source machine learning by devising a novel solution to a complex problem. The beauty of the solution lies in three parts:

  1. Optical character recognition with Amazon Textract, augmented with carefully designed heuristics extracting text in the correct reading order from insurance policies (PDF or image);
  2. A hybrid of natural language deep learning models and rule-based methods consistently identify important details from each policy, providing a meaningful summary; and
  3. Create a human-in-the-loop web interface and pipeline validating predictions. The solution provides labelled training data as new policies are received.

The trifecta solution provides exceptional user experience while collecting labelled training data. Now automated insurance policy summaries are constantly improved and refined.

Building with AWS ensures WrApp is supported by best in class security with encryption in transit and at rest. Secure S3 and DynamoDB storage within Australia and secure social media sign-in with authentication provided by Amazon Cognito.

To ensure best practice in security and design, WrApp architecture has been reviewed and validated by ARQ’s Senior Solution Architects and our AWS Partner Architect.

Benefits

Our collaboration with Wrapped Insurance has created a new channel to engage with potential customers by providing a tangible and intuitive new way to understand insurance at a glance.

WrApp provides an avenue to receive customer feedback on the idea of wrapped up insurance, while cultivating customer interest and gathering data to support Wrapped on their pathway to changing the status quo of the insurance industry.

Placing AI at the core of WrApp summarising existing policies is a differentiator in the insurance market. A clear advantage for Wrapped to engage with customers needing a better way to manage their insurance across a portfolio of assets.

WrApp is built with scalable future proof infrastructure to grow an intelligent, holistic and truly unique insurance experience.

About Wrapped Insurance

Wrapped Insurance is a new Australian startup InsurTech building the launch of a single comprehensive insurance product. Wrapped Insurance covers all your general insurance needs providing peace of mind with no gaps, no duplication, and simple terms.