Insurtech Insights’ Post

Transcript

The main approach I see is you got tech companies that are building AI and you've got incumbent traditional companies are trying to figure out what it is and what it does. I think we're pretty unique in the sense we're building for ourselves. Flow is a digital wholesaler. We connect agents and carriers in financial lines. We're tech driven, but on the outside it's all people. So we have expert brokers that work with our agents to place business with our preferred carrier. Markets were a 360�� full-fledged wholesaler, so we take care of the entire process for our agents. We work with the states, we work with regulators, the whole 9 yards. We started flowing 2021 really with the mission of creating a better wholesale experience for agents and underwriters alike. The mid market and small commercial segment, people who place business there know really is typically unprofitable for everybody that really touches those submissions because when people make Commission and it's a $15,000 policy, it doesn't yield a lot of Commission dollars at the end. So this segment has suffered traditionally from very poor service. When you talk to agents, their biggest grievance, they love working with wholesalers, they love their partnerships and and and relationship with wholesalers. But when it comes to the segment of mid market, when it comes to the small commercial segment, they don't get the responses they need. They go, they get the responsiveness, the transparency, they just don't get the service that they deserve. So we found the flow. With this mission in mind, how do we really revolutionize the wholesale experience for the mid market and small commercial segment? We are venture back to raise capital from some of the best VC's in the world and we've built traction. We have today dozens of agencies that we work with that are just absolutely thrilled with the experience. The brink of We are hugely AI driven with lots of what we do internally. It doesn't change the fact that every single piece of information we put out, whether it's towards markets or agents, is human supervised, but it allows us to create efficiencies along the way and to bring the level of. Not only transparency, but level of analysis, whether it's quote analysis, coverage, comparison that people are just not seeing in this segment. So we're able to not only place business faster and better, but also provide the level of analysis and insights that the segment hasn't seen before. We were looking for a company name that would really embody the mission and one of the things we absolutely loved about the name flow is not only that it suggests bring a level of dynamism and, and and motion and speed and velocity into the process, improving, you know, business flow, submission flow hope working with our partners to increase their cash flow, but we also love the name flow because. Some people know this, this concept in psychology that's called the state of flow, which is the state where you, it's kind of being in the zone. You enjoy everything you do. You're in the flow. You know, dancers describe it as the body moves itself. Basketball players describe it as the hope is three times larger. Everything feels fun and enjoyable with no sense of, of, of effort or stress. And we love the concept of building technology that puts insurance professionals in the state of flow. What would it look like if we can? Enjoy what we do without the tediousness and, and you know, all the manual processes and really do what we love to do, which is building relationships with his, placing business with his building our books, which is at the end of the day, executing for our clients. So for us, that is the mission behind flow is to really bring that sense of enjoyment and, and delight to, to, to everyday practice. I think to a very large degree, still are. People are used to the the old way of doing things. One of the things that we focus on is not changing what doesn't need to be changed. For example, there's definitely a what we call portal fatigue. Everybody's sending everybody to portals. We're trying to solve that by really working with both sides of the market in the way that they wanted. The easiest way. For example, we don't send our agents to any portal to enter information for us. We work with agents via e-mail. Is the easier, they call it the easy button for a reason. That's one way we work with carriers in the way that they choose. Some carriers have APIs, so we integrate into those. Some carriers prefer submission through portals. We work with portals and some carriers choose to work with the old fashioned e-mail. So we don't like, we don't believe that in shirts should be limited to only markets who are working in one form or fashion. So we really go to markets. We work with both sides of the market the way that they enjoy, but I still think change management and kind of learning through new ways of doing things is, is a challenge. We're really excited to see people adopting people, our solution being, you know, resonating with with people. We continue to continue down this path. I think the ENS space is continued to grow. I think the the soft market in some elements is probably going to continue. DNA was a good example. I think cyber is going to be really interesting to see if it's continuing to soften. It's kind of stopped a little bit to see if it hardens back up again or not. There's still movement in terms of of softness and hardness, but I think the ENS sectors continue to grow. I think the role of wholesalers is secure. I think especially in lines of business where you don't only provide access to markets, but also important expertise and and levels of insight. That's definitely the focus for us is not just to be an intermediary that passed this paper along, but really be a trusted partner from an insurance expertise standpoint. Obviously, AI is going to make a big impact. We see a lot of companies take different approaches. The vast majority of approaches that the main approach I see is you got tech companies that are building AI and you've got incumbent traditional companies are trying to figure out what it is and what it does. I think we're pretty unique in the sense we're building for ourselves. We're completely integrated. Our wholesale operation is integrated with our tech team that builds AI and workflows and other technologies. And so I think. It's it's the right way of really maximizing. The efficiency and in-depth analysis today I can do, but also maintain guardrails to maintain. You still have human supervision. You still have human in the loop. To be in charge at the end of the day, I think the trend is the going to continue. It's think it's very meaningful technology that's going to continue to make its impact. Lastly, I'm really excited to see how many carriers are stepping into algorithmic underwriting. I think it provides obvious value to carriers, but also to. Wholesalers and agents and insurers alike, the carriers provide scalability into the underwriting operation. For us, it provides the instant quote experience with really speeds things up. We're excited to continue to work with carriers who developed these APIs. But not only do we see that more carriers are developing APIs, the box of risk continues to expand for more lines of business. Traditionally started with professional lines, it moves to moves to commercialize. Worker comp and other simple lines. Now we're starting to see the specialty lines. That is really exciting. And the box of risk is continuing to grow even within a specific lines of business. So the box of risk for cyber, one year it's up to 100,000,500 employees, the next year it's 200 million and 100 employees. So you can continue to see more and more of that and I think it's going to serve the industry very well.