AI-powered advisor uses proprietary technology, built on a Retrieval-Augmented Generation (RAG) model
Boston-based Simply Business, LLC, the leading digital marketplace for easily finding, comparing, and buying tailored small business insurance in the U.S., today announced the launch of its first-of-its-kind AI-powered insurance advisor, transforming the insurance buying process for entrepreneurs.
The AI-powered advisor uses proprietary technology, built on a Retrieval-Augmented Generation (RAG) model, to deliver a hyper-personalized, conversational experience that makes the insurance buying process faster, clearer, and more intuitive. The tool assists the small business owner throughout the buying process – answering questions about coverage types, and providing guidance on coverage limits.
The system leverages AI and large language models (LLMs) to intelligently infer user intent and match queries to a robust, human-verified knowledge base ensuring that answers are not only instant but also accurate. The technology features continuous learning capabilities powered by real-time feedback loops, creating a virtuous cycle of self-improvement.
“Our AI-powered insurance advisor is another milestone in our efforts to simplify the insurance buying process for small business owners,” said Dana Edwards, Group CTO at Simply Business. “Importantly, the tool marries advanced technology with the human touch by providing access to our highly skilled agents. We are not just implementing AI; we are pioneering responsible, effective, and scalable solutions that empower entrepreneurs to make confident decisions quickly.”
Since its beta launch, the advisor has led to a 20% higher purchase rate among engaged users. The tool is especially powerful for low-intent visitors. When this group engages with the AI advisor three or more times, the tool acts as an intent multiplier, resulting in a 9% lift in a Request for Quote (RFQ). This demonstrates how it empowers entrepreneurs by cutting through confusion, providing the clarity needed in the insurance buying process.
Simply Business’s dedication to innovation has earned industry recognition, including a Gartner case study spotlighting its insurtech advancements as well as shortlist nominations for ‘AI Implementation of the Year’ from Insurance Insider and for ‘Best Insurtech’ from US FinTech.
About Simply Business
Simply Business is dedicated to making small business insurance simple and accessible. The company’s robust digital marketplace allows small business owners to find and buy the insurance they need online, matching them with coverage from multiple top carriers to offer transparency, choice, and value. Simply Business’s product offering includes general liability, professional liability, business owner’s policy, workers’ compensation, cyber insurance, and more.
An insurtech pioneer, Simply Business has over 20 years of experience supporting the needs of small businesses, with over one million active customers. Founded in the UK in 2005, Simply Business launched its U.S. operations in 2017 and today employs over 1,000 people across offices in London and Northampton in the UK and Boston in the U.S.
