Accenture Backs Rehuman in Insurtech Engagement Push

Accenture has taken a stake in Rehuman, a UK insurtech company building tools to change how insurance companies interact with customers through data systems and AI. 

The investment through Accenture Ventures aims to help insurers deploy technology for customer engagement and policy management.

Rehuman operates an AI platform and digital wallet that serves both insurance brokers and policyholders. 

The company has developed technology that processes policy information and provides automated updates on renewals and coverage details.

Broker distribution channel

The platform gives insurance brokers access to engagement tools designed to manage client relationships through a digital channel. 

Brokers can use the system to send automated alerts about policy renewals and potential lapses, while the technology generates insurance recommendations based on customer data. 

Rehuman positions the system as a way to improve customer retention rates by providing information about policies and coverage options at relevant moments in the policy lifecycle.

The broker tools represent one distribution channel for Rehuman's technology. 

The company also targets managing general agents and bancassurance operations as potential users of its engagement platform.

Policyholder interface

Policyholders access a digital wallet where they can upload and store insurance policies across categories including auto, health and life insurance. 

The AI technology reads policy documents and identifies coverage details, flagging gaps in coverage and comparing different insurance plans. 

The system processes policy language and presents information about coverage limits, deductibles and exclusions.

Rehuman has built the wallet to work with policies from different insurance providers, allowing customers to consolidate documentation from multiple carriers in one interface. 

The technology aims to address complexity in insurance policy documentation, which often contains technical language that customers find difficult to interpret.

Technology and market positioning

Khalid Lahraoui, who leads Accenture's insurance industry group, says the investment focuses on tools that change how insurers work with policyholders. 

“Insurance companies today need digital tools that don't just inform, but genuinely empower policyholders,” Khalid says. 

“Our investment in Rehuman's AI-powered wallet goes beyond digital convenience – it transforms how insurers and brokers engage with policyholders, creating more seamless, personalised and meaningful experiences.”

The investment comes as insurance companies increase spending on digital engagement tools and AI systems. 

Insurers have been adopting technology to process policy information and communicate with customers through digital channels, while brokers have been implementing platforms to manage client relationships and track policy renewals.

Aaron Sherwood, who founded Rehuman and serves as CEO, says the company has developed a custom AI model to power its engagement platform. 

“The Rehuman digital wallet is just the beginning of our bigger vision to empower brokers, managing general agents (MGAs), insurance and bancassurance companies with a real competitive advantage,” Aaron says. 

“Powered by a custom AI model, we're giving them the ability to turn customer engagement into business revenue.”

Rehuman will use the investment to expand operations and develop its AI model further. The company plans to integrate its technology into more insurer and broker platforms. 

Rehuman has joined Accenture Ventures' Project Spotlight, a programme for data and AI companies that connects startups with Accenture's insurance clients and provides access to sector knowledge.

Accenture and Rehuman did not disclose the investment amount. The deal marks another venture investment by Accenture in the insurance technology sector as part of its portfolio strategy focused on AI and data platforms.