Hi Marley, a startup developing an AI messaging platform for insurers, 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.
The funding comes as 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 roughly a 20% open rate.
In a single conversation happening in real time, Hi Marley streamlines communication around claims, underwriting, and service interactions while connecting all providers who typically touch an insurance experience. Providers get a web app that allows everything to be monitored, tracked, and optimized to meet organizational demands, with features that enable the reporting of claims 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, Hi Marley’s group feature lets companies create teams, incorporate user-specific roles, and allow communication among members. A “side chat” feature lets operators have a private conversation with field adjusters, support providers, and even other representatives to obtain status updates, information, and reports, as well as time- and user-stamped transcripts that include media and digital copies involved in the conversation.
Beyond this, Hi Marley can routinely survey customers for feedback and send proactive notifications to prepare them 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.
The latest round of fundraising brings Hi Marley’s total raised to $18.6 million. True Ventures and Underscore VC led the round, with participation from Bain Capital Ventures and Greenspring Associates.
Hi Marley is in a profitable market. According to Markets and Markets, the size of 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 tailored to meet the requirements of large hospitality and service, transportation, 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.