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Insuritas: Insurance BeyondDigital - the Rise of Agency Management Ecosystems

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Bill Whalen, VP Software Development & Integration Services, Tracy O’Brien, Chief Technology Officer and Matt Chesky, President & Chief Operating Officer, InsuritasBill Whalen, VP Software Development & Integration Services, Tracy O’Brien, Chief Technology Officer and Matt Chesky, President & Chief Operating Officer iInsure is the first agency management ecosystem that simply re-engineers the way insurance works. This ecosystem built by Insuritas allows consumers and small businesses to shop, compare, purchase and service all of their insurance needs from multiple competing carriers on a single digital platform. iInsure is the first insurance ecosystem platform built to connect insurance buyers and all of their lifetime insurance needs with an infinite number of insurance carriers in a single, virtuous insurance agency ecosystem, replacing the current, highly fragmented and antiquated customer acquisition, quoting and policy issuance model.

The Reason iInsure was Born

From 1980 to 2019, the number of insurance service employees has more than doubled from 463 thousand to 1.1 million. They support over 250,000 variations of insurance products manufactured by over 6,000 carriers. There has been no insurance ecosystem, built on a single platform where people can shop, compare, buy and service all their insurance needs in a frictionless, omni-channel, product & carrier agnostic experience until now—the launch of iInsure.

“The development of iInsure was borne from a frustration with legacy agency management systems designed by and for agents and carriers—with little thought about the end customer experience. We built iInsure to empower consumers and small businesses to manage their insurance needs and access multiple competing carriers on one digital platform,” notes Tracy O’Brien, CTO and Chief Engineer of iInsure. O’Brien’s team leveraged insights from their addressable market of over 10 million households and over 1.6 million small business customers to develop their next generation platform. ”We were able to design an insurance ecosystem that delivers what all users - carriers, agents, platform providers and customers—would expect out of an insurance Platform as a Service (PaaS). In this ground-breaking development, insurance buyers are now connected to an infinite number of insurance carriers and supported by white-glove agents in a single platform. Today, our iInsure platform is configured for use by financial institutions globally, but is entirely customizable for any ecosystem orchestrator.”

The iInsure platform has the infrastructure and rules for the first global insurance marketplace. It allows for virtual agencies embedded inside the ecosystem orchestrators (currently financial institutions) to present their users (consumers and business owners) with the ability to manage all of their lifetime insurance needs. All shopping, purchase and post-purchase interactions are handled in a digital environment moving data via API and supported by full service, on-demand expert agents.

Products are offered on an efficient distribution platform that can scale, while collapsing customer acquisition costs. “Over 100 carriers and underwriters are now connected to iInsure, with dozens more scheduled for onboarding. We are slated to be one of the largest insurance distribution platforms in the world by 2024 because we are customer-centric, as well as carrier and product agnostic,” says David Grimson, Senior Vice President of Agency Operations at Insuritas.“Our carriers’ risk appetites are embedded inside iInsure so offers to insurance shoppers are increasingly aligned to specific carriers. This alignment promotes industry-leading organic growth, high conversion rates, profitable premium for underwriters and high commission and retention rates for distributors.”

Nearly all consumers purchase insurance every year. With the collapse of the traditional local insurance agency distribution model, carriers have been forced to spend billions annually on ‘attentional marketing’, since they lack a detailed understanding of when the customer they would like to insure will need insurance. “The network effects of iInsure assemble and analyze exclusive customer data and activities to anticipate a customer’s ‘instant of interest’ in insurance, collapsing the multi-billion dollar spend on customer acquisition costs associated with direct writers and lead gen platforms,” says Jen Vasseur, VP of Digital Performance at Insuritas.


We built iInsure to empower consumers and small businesses to manage their insurance needs and access multiple competing carriers on one digital platform

“At the same time, iInsure operates inside a unique legal construct that allows it to access massive amounts of exclusive customer data and merge it real-time with publicly available supplemental data sets.”

Building data lakes of insights around each unique customer, the iInsure ecosystem is backed by bank-grade security infrastructure designed to protect privacy, meet a full regimen of regulatory requirements, and engender trust. Insuritas is the only company that has successfully designed, launched and now manages virtual agencies on an ecosystem platform embedded inside the highly regulated financial institution sector in the US that is SOC 2 Type II certified. Recently, a top US bank with a TBTF designation contracted with Insuritas after passing their security and regulatory audits.

The iInsure Ecosystem

iInsure provides the infrastructure and rules for an insurance marketplace that brings together producers and customers, replacing the conventional ‘pipeline’ agency management system. The old model revolved around a linear series of activities in a value chain that dominated the industry for decades. “The customer simply wants to be able to shop for every insurance product from multiple manufacturers, purchase multiple products in a single shopping cart experience, make a single payment at checkout, and have one online insurance account that stores all of their insurance information,” says Bill Whalen, VP of Software Development and Systems Integration at Insuritas. “The promise of iInsure is customers should never need to provide the same underwriting information twice, never have to keep paper records, and can buy and cancel all additional products over their lifetime using a single online insurance account—just like Amazon, Uber or AirBnB.”

Shifting from a product-based model driven by traditional carriers, iInsure focuses exclusively on resource orchestration within a network of producers and consumers. Its primary functions include a customer-centric user experience designed to eliminate friction as customers shop across all insurance products, integrate underwriting and product data across the full series of services manufactured by multiple carriers, and harness the network effects (driving demand side economies of scale) that come from a shift from internal optimization to external interaction. iInsure is focused on optimizing participation rather than dictating processes, creating a full service, digitally powered and agent supported experience that customers seek out to shop and buy a product they must purchase every year.

iInsure—an API platform coordinating data and real time engagement.

Today, carriers and agents all have access to customer data. The problem is that the data is not actionable, and seldom provides the exclusive insights that are required to deliver highly personalized insurance offers to customers when they need it.


iInsure assembles data lakes of information on over 10 million households to connect each customer with those carriers interested in bidding on that risk via API, delivering an instant quoting experience for the customer. At the same time, the system monitors for activities that signal a customer’s ‘instant of interest’ in insurance: buying a car, home or business, renewing an existing policy or paying insurance bills online—using the same tools e-tailers use to ‘anticipate’ customer needs and ‘articulate’ solutions delivered through highly personalized emails connected to Personalized URLs (PURLS).

"The promise of iInsure is customers should never need to provide the same underwriting information twice, never have to keep paper records, and can buy and cancel all additional products over their lifetime using a single online insurance account"

iInsure simply replaces the multi-billion dollar ‘attentional’ marketing models of direct writers like GEICO, and anticipates a customer’s need for insurance, providing them with a solution in the moment. The iInsure platform is built on Salesforce, and ‘intentional’ marketing campaigns are built and deployed in Salesforce’s Marketing Cloud, leveraging exclusive data that can marry product and risk with customer-centric timing. As more customer’s access iInsure’s user experience, the ecosystem uses machine learning to better understand a specific customer’s risk profile and the result is collapsed customer acquisition costs, increased carrier profitability from the high alignment between risk pricing and customer risk profiles—and the network effect is realized.

An Agent Supported Customer Centric User Experience for a ‘High Consideration’ Purchase

The iInsuretech stack includes a CRM platform that lives on Salesforce, a proprietary agency management platform (AgentForce), a quote rating platform connecting with carriers via API, and Salesforce’s Marketing Cloud to drive all digital customer engagement. All of this is presented to the customer in a consumer-centric user experience. Yet, insurance shopping is referred to by marketers as a high consideration purchase, where expert advice and affirmation of coverages is highly valued by insurance buyers. iInsure is therefore designed to support a new generation of insurance agents—empowered and excited to deliver insurance solutions to consumers where all traffic is inbound, operating inside companies that have long and deeply trusted brand equity with the consumer, an obsessive commitment to that trust, and having earned it, have access to exclusive data that a carrier values to fine tune offers matching the customer’s character and collateral—all while eliminating the dreaded insurance interview and application. This new agent never prospects, sells or steers a customer. This agent supports a consumer through their shopping, buying, and post-sale service experience tailored to each unique customer, exactly when they are looking to shop.

Insuritas believes the role of an agent, with a completely reimagined operating environment—the iInsure agency management ecosystem—is more important and more valuable than ever in delivering an unmatched customer experience from onboarding to retention to cross-selling, providing transparency and control for the customer. This agent, leveraging iInsure, is speedy, engaging, intuitive, and able to anticipate a customer’s insurance needs to better provide highly curated solutions.

- Pamela Morgan
    February 20, 2020
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Insuritas

Company
Insuritas

Headquarters
East Windsor, CT

Management
Bill Whalen, VP Software Development & Integration Services, Tracy O’Brien, Chief Technology Officer and Matt Chesky, President & Chief Operating Officer and Jen Vasseur, VP Front-End Development & Digital Marketing and Mitesh Kapadia, VP Website Development & Outsourced Solutions

Description
iInsure is the first agency management ecosystem that simply re-engineers the way insurance works. This ecosystem allows consumers and small businesses to shop, compare, purchase and service all of their insurance needs from multiple competing carriers on a single digital platform. iInsure is the first insurance ecosystem platform built to connect insurance buyers and all of their lifetime insurance needs with an infinite number of insurance carriers in a single, virtuous insurance agency ecosystem, replacing the current, highly fragmented and antiquated customer acquisition, quoting and policy issuance model