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Hi Marley, a startup developing an AI messaging platform for insurers, today announced it has raised $8 million. The company says it will put the funds toward hiring, including expanding its engineering and customer-facing teams, as it continues to build out APIs and partnerships.
Studies show customers prefer text messaging to alternatives like emailing and calling. According to a ZipWhip survey, 77% of clients have a more positive impression of companies that text. And with a 98% open rate, texts are far more likely to be seen than emails, which have a roughly 20% open rate.
In a single conversation happening in real time, Hi Marley streamlines communication around claims, underwriting, and service interactions while connecting all the providers who typically touch an insurance experience. Providers get a web app where everything can be monitored, tracked, and optimized to meet organizational demands, with features that enable claims reporting via text. Hi Marley says its platform results in a 22% faster claim rate and around four fewer calls per claim for insurers like American Family and Plymouth Rock.
Hi Marley’s AutoTranslate feature supports over 25 languages, and its AI-enablement handles routine questions and conversations from customers to free up representatives. Behind the scenes, the company’s APIs integrate with core systems like servers, software, and applications to provide performance insights and analytics.
On the internal communications side, a group feature lets companies create teams, incorporate user-specific roles, and facilitate communication between members. A “side chat” feature lets operators chat privately with field adjusters, support providers, and other representatives to obtain status updates, information, and reports. Operators can also get time- and user-stamped transcripts that include media and digital copies involved in the conversation.
Hi Marley can also routinely survey customers for feedback and send proactive notifications for things like weather alerts and reminders. The company says its carrier customers have leveraged the platform to support announcements notifying people of premium relief credits and billing options during the pandemic.
True Ventures and Underscore VC led this latest round, with participation from Bain Capital Ventures and Greenspring Associates. The round brings Hi Marley’s total raised to $18.6 million.
Hi Marley is in a cash-flush market. According to Markets and Markets, the chatbot market is expected to grow from $2.6 billion in 2019 to $9.4 billion in 2024. Mindsay, which provides a software-as-a-service (SaaS) suite of conversational chatbots to meet the requirements of large hospitality, ecommerce, and transportation companies, recently raised $10 million. Not to be outdone, in May 2018 enterprise chatbot platform Avaamo raised a $14.2 million round led by Intel Capital.
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