WikiTree compares insurance contracts using AI

May 6, 2022
Today at
03:00

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Wikitree’s artificial intelligence sifts through the terms and conditions of insurance contracts to find the best formula. Brokers love it.

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The general conditions of insurance contracts are a real headache. Faced with pages and pages of legalese, difficult to get a precise idea of what is covered… and what is not. To navigate through this maze, the Brussels company WikiTree has developed an artificial intelligence (AI) capable of compare, in detail, all the clauses offered by competing companies. This innovative solution was distinguished at the last Vivium Digital Awardswhich rewards the best projects in InsurTech (digital solutions for insurance).

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Called WIS, WikiTree’s digital tool scans the general conditions of insurance contracts. He ate about 100,000 pages of legal texts. In this mass of information, which constitutes a large stock of data (big data), artificial intelligence detects the various clauses, exceptions and other exclusions. It classifies them and arranges them by category, in order to propose a simplified view of the contracts, in the form of a comparative table. For each item compared, a colored dot shows which company offers the most advantageous cover.

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“Today we cover 85% of the non-life insurance market.”

Philippe Afendulis

WikiTree CEO

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This solution is able to compare most of the insurance contracts offered in Belgium (home, car, legal protection, etc.). “We started with the contracts of the major insurance companies. We are in the process of refining with niche companies. We now cover 85% of the non-life insurance market”, explains Philippe Afendulis, CEO from WikiTree. Life insurance contracts will be integrated in the course of next year.

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The solution is a hit with insurance brokers. She promises them a considerable time saving allowing them to get to the point. Rather than go through endless terms and conditions, they benefit from a summary view of the contracts to be compared. “Artificial intelligence does not replace the broker. It allows him to be more efficient. The broker is a generalist. He knows where to look for information, but he cannot know all the specifics of a contract“, explains Philippe Afendulis.

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Adopted by the FSMA

“Artificial intelligence does not replace the broker. It allows him to be more efficient.”

Philippe Afendulis

WikiTree CEO

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Brokers are not the only customers targeted by WikiTree. The company also targets the insurance companies themselves. Several large insurers present in Belgium use this tool for benchmarking purposes, to compare itself to the competition. It is a form of recognition for WikiTree. “We imposed a standard of comparison of the general conditions. Previously, each company had its own reading grid”, underlines Philippe Afendulis. The tool has even been adopted by the FSMA. The supervisory authority uses WIS to assess and audit insurance policies.

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The solution has already convinced 150 customers. WikiTree is currently beset with requests: the company expects to reach 400 customers by the end of the year. “The potential is around 3,000 customers”, estimates Philippe Afendulis. Currently, 80% of the clientele is located in the French-speaking part of the country. But the commercial trend shows strong demand on the Dutch-speaking side, says the CEO. The solution works both on contracts in French and in Dutch.

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Computing power

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WIS required more than three years of research and development. Working on an artificial intelligence requires skills and great computer skills. WikiTree was able to use the resources of the Atci company. This French company, in which Philippe Afendulis previously worked, was acquired by WikiTree. It offers state-of-the-art IT services to players in the financial sector, in particular fund managers. She has its own fiber optic network in the Paris region and three data centers. These have proven to be very useful in treating heavy and complex calculations to set up an artificial intelligence.

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The WikiTree company is on the rise. The team has doubled since 2020, to reach 110 employees. The turnover exceeded 10 million euros. Its CEO expects annual revenue growth of around 30% to 50% in the coming years.

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Insurance outsourcing

WIS is the most recent and innovative project of the Brussels company. But it will not be immediately profitable. To finance it, WikiTree can count on its insurance subcontracting activity : it manages files for insurers and brokers. Businesses in the sector call on Brussels society in particular when faced with an influx of cases, for example during the floods last summer. WikiTree has also developed a actuarial expertisea profession in high demand by insurance companies.

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Ultimately, WikiTree’s goal is to offer its customers a unique offer, integrating the human component and artificial intelligence.

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The summary

WIS, Wikitree’s artificial intelligence, compares the general conditions of insurance contracts to find the most advantageous formula.
Brokers love it.
Insurance companies use it to compare themselves to their competitors.
WIS is already installed at more than 150 customers. Demand is very strong: Wikitree is aiming for 400 customers by the end of the year.

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