50 Innovators of the Year 2021
Today, getting proper insurance coverage is a difficult task. As every individual’s life situation is different, they need personalized insurance plans which can adequately cater to their needs and demands. The challenge most insureds face is navigating the complex insurance environment, as most don’t have prior knowledge or experience of structuring an insurance portofolio that is best for them. This leaves them dependent on the carrier to suggest the best products to meet their needs.
Citytwig is a company that aims to bridge this gap between insureds and insureres by using AI and Machine Learning to allow insurance organizations to better understand the needs of their clients and service them with the right products. They are working towards increasing the accessibility of insurance to diverse populations using technology.
The Origin of Citytwig
Citytwig was created to increase the accessibility of insurance products to diverse populations, including younger generations & rising women and men in the workforce through the insurance carriers. The company provides AI/Machine Learning analytics for leading insurance carriers across Property & Casualty, Life & Health, and Supplemental Insurance to improve product distribution and transparency with their clients.
The founders noticed from their previous venture that individuals were not getting the correct insurance coverage they need based on their unique life situations. This was because navigating the insurance landscape is confusing for most individuals. To solve this need, they created a platform that uses Machine Learning and AI to allow insurance organizations to better understand their clients’ needs and service them with the right products. This increases transparency and trust between insureds and insurers. They work with top carriers in Property & Casualty, Life & Health and Supplemental insurance lines.
Unique services provided by Citytwig platform
The Citytwig platform deploys numerous Machine Learning models in the AWS cloud that insurance carriers use to better understand each client’s individual needs. The platform analyzes current product distributions and provides “insurance roadmaps” for each client - that recommend every product that an individual should get & when they should
get it based on their unique lifestyle and situation. The platform sends the carrier a plan of action - (which clients need which products and when) - so that the carrier can better communicate with their client to understand their needs and service them with the right products.
Citytwig is different because it focuses on bringing in more applications to carriers for new products and insureds. Most Insurtech platforms focus on underwriting and risk mitigation, but Citytwig is focused on getting the products to those who need them and getting those who have products the right products for them. Citytwig provides meaningful insights based on hundreds of millions of data points to help connect indivuduals with the insurance protofolio that is best for them.
The Citytwig platform is simple to use as it seamlessly integrates into the daily workflow at the carrier and agent/sales manager level. Carriers use Citytwig through an API plug-in into their existing CRM to take advantage of Citytwig’s machine learning models deployed in the cloud. Citytwig maintains a suite of ML models to provide insights into insured populations, product distribution, agent retention, new agent recruiting and overall efficiency metrics. Once the analytics are computed, the data is sent back to the user (carrier, general agent, sales manager, agent) as a plan of action to increase productivity and bring in more applications.
Carriers: Carriers use Citytwig in their daily workflow to improve value of clients and achieve smart product distribution across all their clients.
Agencies: Agencies increase sales by running programs to target specific customer segments and growing their agent and client network through enhanced recruiting and overall agent production analytics.
Agents: Agents identify their micro-community and find new prospects that would best grow their book of business over time.
The vision and mission of Citytwig
Citytwig’s mission is to maintain transparency between insurers and insureds and increase the accessibility of insurance products to diverse populations by helping them better navigate the complex insurance environment.
About the CEO
Citytwig employs a Co-CEO model with three founders who are repeat founders from a previous acquisition. Mike Kratzer is a Co-CEO who focuses on corporate structures and strategic partners. Andy Bhushan is a Co-CEO that focuses on technology development and works with strategic partners to better evaluate carrier-specific needs and provide technology solutions. Both Mike and Andy develop long-term visions on how the company can help better connect insurers with diverse insureds (younger generations) with technology.