Who?
Peppercorn was founded by Nigel Lombard, a former director at Lloyds Bank who has since founded several technology businesses including app-based telematics insurance broker Drivology – sold to Markerstudy Insurance – and digital car insurance managing general agent Hedgehog.
Why?
Motor insurance purchases rely too heavily on manual forms and often involve long waits.
What?
Peppercorn’s conversational bot on Confused.com guides customers through purchases and policy adjustments.
How?
It uses natural language understanding to keep operating costs and expense ratios low, particularly compared to legacy insurance providers. Not only does this remove the need for physical call centres, it says, but also results in more competitive insurance premiums for the customer. Furthermore, by utilising counter-fraud technology and pre-inception underwriting decisioning, the platform aims to ensure that customers are getting the best possible coverage at the best possible price.
Where?
Peppercorn is based in Cardiff.
They say:
Lombard: “The traditional insurance model is broken. High operating costs and outdated business practices such as filling out manual forms and leaving customers waiting on the phone on hold all result in a frustrating user experience where the customer ultimately pays much more than they should for insurance. We’re here to change that.
“Our team has a dynamic blend of insurance and technology expertise and have worked hard to build a unique experience and service. To launch a quality product on a leading Price Comparison Website in such a short space of time is a testament to the team’s commitment to transforming the insurance industry.
“This is a significant milestone for us and we’re just getting started. Our company is committed to refining and evolving Peppercorn’s platform, empowering our customers and improving their experience, one conversation at a time. At a time when saving money on bills is at the top of everyone’s minds, Peppercorn will show how smart technology can result in fairer pricing for consumers. And the response we are already getting from our customers suggests they agree too.”