Leaders of NZ innovation: BizCover wins Insurance Business 5-Star Innovator Award

BizCover has been named a winner of the Insurance Business 5-Star Insurance Innovators award.

The award is presented to trailblazing companies in New Zealand and Australia that have demonstrated their commitment to cutting-edge innovation by modernising and transforming insurance practices.

“At BizCover, innovation has been at the core of our mission from the start,” says Brad Hoyle, Manager of Operational Excellence. “Our founders saw a gap in the market – small business owners faced a complex and time-consuming process to purchase insurance. BizCover was created to simplify insurance and revolutionize the experience for small businesses.” 

BizCover has serviced Kiwi small businesses since 2011, and since then it’s become a pioneer in the rapidly evolving insuretech space. Since its inception, BizCover has never stopped looking for new ways to improve their customer service, processes and products.

One of BizCover’s most recent innovative tech successes was the development and introduction of an internal generative pre-training transformer (GPT) model for real-time customer sentiment analysis, referred to as ‘Pulse Check’. This cutting-edge program allows the customer service team to analyse client interactions across communication channels – including emails, SMS, the website chatbot and phone calls.

“Basically, it’s a real-time pulse check system that assesses the customer’s mood, sentiment and intent,” explains Hoyle. “It then summarises the interaction and provides a recommended action for the team to take. This allows us to immediately follow up on a client’s negative experience, potentially repairing the relationship and providing a better customer experience.”

Another recent achievement, which contributed to BizCover’s win, was the introduction of a new email classification system into the company’s CRM platform.

“Our classification model is designed to read and understand customer intent in emails,” says Hoyle. “Customers with simple requests or queries receive an automated response that solves their issue on the spot. But customers that require a more detailed answer to their request have their email forwarded to a team member to action.”

In this way, BizCover have managed to not only provide their customers with a fast turnaround time for simple questions, but their customer service team can now devote more time to high-empathy tasks.

This commitment to innovative ways of thinking and dedication to customer service has remained a strong part of BizCover’s overall company mission. Being named as a winner of the 2024 5-Star Insurance Innovators award proves that the company is determined to remain a groundbreaking presence in the Australian insurance industry.

“Winning this award is a great achievement for the business,” says Hoyle. “Out of all the insurance companies in New Zealand and Australia that put themselves forward, we are exceptionally proud to have been named a winner of the 5-Star Insurance Innovators award.”

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BizCover makes it easy to purchase business insurance online. Compare quotes from NZ insurers, then buy online in minutes. Find out for yourself why 15,000 small businesses across New Zealand choose to buy their insurance with BizCover, and why BizCover is known as a leader of innovation in the insurance industry.

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2024 BizCover Limited.