Chicago-based start-up Watchtower Benefits has developed a platform that standardises and streamlines the employer-sponsored insurance market. Companies even have different terms to explain the same types of coverage within their plans.” The company is working with employers to create an online system for employees who want to buy their own insurance. The Watchtower platform uses text extraction software to extract and translate different sections of insurance programmes, and is working on using machine learning to increase standardisation as the business grows. Currently, the firm offers life and disability insurance, but plans to expand into health, dental, vision and accident insurance.
Chicago-based start-up Watchtower Benefits has developed a platform that standardises and streamlines the employer-sponsored insurance market. The company is working with employers to create an online system for employees who want to buy their own insurance. The Watchtower platform uses text extraction software to extract and translate different sections of insurance programmes, and is working on using machine learning to increase standardisation as the business grows. Currently, the firm offers life and disability insurance, but plans to expand into health, dental, vision and accident insurance.