US-based travel insurance comparison site InsureMyTrip has announced the launch of its new algorithm-based system, aimed to change the way consumers compare and buy travel insurance. Called SMART system, the software uses continuous learning through user interactions, vast libraries of data from past travellers and thousands of coverage options to recommend appropriate coverage to customers.
“For the first time, predictive models and Machine Learning (ML) techniques are being applied to travel insurance comparison. As we continue to pioneer the technology in this space, we anticipate continued and highly visible improvement to the comparison and purchase experiences for our end users,” says InsureMyTrip director of technology and architecture Andy Bent, who leads the team responsible for SMART. The company announced the new technology during the AIG Risk and Innovation ‘Future of Travel’ event at CES 2018.