London insurtech start-up raises $0.7m

London based insurtech start-up SentiSum raised $700,000 to create next generation net promoter score (NPS) and customer sentiment service.

SentiSum focuses on AI based customer experience IaaS (Insights as a service). The platform has been developed to enable insurers to compare customer satisfaction between themselves and their competitors at various stages during the customer lifecycle, according to an Oct. 9 statement.

“Understanding whether your sales or claims service creates a more negative experience for your customers compared to the competition may provide a clearer indication of where you need to focus your attention and reduce churn,” said Sharad Khandelwal, SentiSum CEO.

SentiSum provides an omni-channel analytics solution leveraging artificial intelligence (AI) and natural language processing (NLP) capabilities enabling customers to accelerate customer intelligence within their business.

Manjit Rana, CEO, of insurance innovation consultancy Ingenin, commented: “The insurance industry is consistently ranked as one of the worst for customer experience.

“Customer Experience has become the new competitive battleground for companies in industries that have become commoditised and lack significant differentiation between services and product offerings.”

SentiSum’s product can process high volumes of data in real-time to identify key areas of concern for companies and make recommendations for improvement.

Andy Davies, former Marketing and Insights Director, AXA UK, added: “By combining customer sentiment across the insurance journey from every customer touch point, SentiSum’s plug and play solution can immediately help to improve customer retention.”