Leaders of innovation: BizCover wins Insurance Business 5-Star Innovator Award for second time

BizCover has once again been named a winner of the Insurance Business 5-Star Insurance Innovators award. BizCover was first recognised as a 5-star Insurance Innovator in 2022 and has now been named amongst the 2024 winners.

The award is presented to trailblazing companies in Australia and New Zealand that have demonstrated their commitment to cutting-edge innovation by modernising and transforming insurance practices. Insurance Business has been running this award for the past four years.

“At BizCover, innovation has been at the core of our mission from the start,” says Brad Hoyle, Manager of Operational Excellence. “Our founders saw a gap in the market – small business owners faced a complex and time-consuming process to purchase insurance. BizCover was created to simplify insurance and revolutionise the experience for small businesses.”

Founded in 2008, BizCover is a leader in the rapidly evolving insuretech space. Since its inception, BizCover has never stopped looking for new ways to improve their customer service, processes and products.

One of BizCover’s most recent innovative tech successes was the development and introduction of an internal generative pre-training transformer (GPT) model for real-time customer sentiment analysis, referred to as ‘Pulse Check’. This cutting-edge program allows the customer service team to analyse client interactions across communication channels – including emails, SMS, the website chatbot and phone calls.

“Basically, it’s a real-time pulse check system that assesses the customer’s mood, sentiment and intent,” explains Hoyle. “It then summarises the interaction and provides a recommended action for the team to take. This allows us to immediately follow up on a client’s negative experience, potentially repairing the relationship and providing a better customer experience.”

Another recent achievement, which contributed to BizCover’s second-time win, was the introduction of a new email classification system into the company’s CRM platform.

“Our classification model is designed to read and understand customer intent in emails,” says Hoyle. “Customers with simple requests or queries receive an automated response that solves their issue on the spot. But customers that require a more detailed answer to their request have their email forwarded to a team member to action.”

In this way, BizCover have managed to not only provide their customers with a fast turnaround time for simple questions, but their customer service team can now devote more time to high-empathy tasks.

This commitment to innovative ways of thinking and dedication to customer service has remained a strong part of BizCover’s overall company mission for the past 15 years. Being named as a winner of the 2024 5-Star Insurance Innovators award for the second time proves that the company is determined to remain a pioneering leader in the Australian insurance industry.

“Winning this award is a great achievement for the business,” says Hoyle. “Out of all the insurance companies in Australia and New Zealand that put themselves forward, we are exceptionally proud to have been named a winner of the 5-Star Insurance Innovators award for a second time.”

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