The traditional methods of handling insurance transactions are changing, and consumers are prioritizing different values than those which characterized the industry 20 years ago. Specifically, the development and implementation of APIs, sector-specific AI and interoperability are of paramount importance. Moreover, the transition to digital tools has enabled customers to automate underwriting, source external data for common risks, and interface with their customers and carriers without human intervention. “However, what misses out today is a system capable of weaving every function into the insurance value supply chain. Especially in our sectors – Excess and Surplus lines – the aggressive push from private equity to aggregate MGAs and wholesalers is squeezing the middle market. Right there, lies a massive opportunity to disrupt and rewrite the playbook for the insurance sector,” begins Cristian Joe, Founder and CEO, BindHQ.
Today a burgeoning number of private equity-backed aggregators are present at both the wholesale and retail levels. Prominently, they’re bypassing retail and wholesale brokers and reaching customers faster and connecting at a deeper level. Joe suggests, “our Agency Management System software solves multiple issues for insurance wholesalers. Another consideration for many companies in the marketplace is the need to recruit fresh talent to their firms. Legacy technology is undoubtedly a barrier in the recruitment process and fail to accommodate a remote workforce. We address all this with an appealing, easy-to-use interface that makes it easier to onboard new employees at a client’s company.”
The solution blends together several key features that support almost every aspect of an MGA. It has interactive modules (sales management, underwriting, rating, document management, and reporting) in one interface to eliminate the need of multiple systems for the MGA. All executives can now easily access information from a more convenient and centralized platform. “In 2020, we implemented automation to take up many of the tasks typically performed by a CSR or support staff member,” informs Joe. Through real-time rates sourcing, “we’ve successfully established a smooth link between customers and their partners. Enabling them to transact faster, better and smarter.”
Joe attributes BindHQ’s wins to their obsession about customer experience. For such a monolithic industry like insurance, UX and customer success are paramount to him. “We remove any friction that bars the quotation process from producers. This is because we always operate with an evolving workflow as per the market norms. By automating many manual and duplicative parts of different workflows, we’ve made the quote-to-bind process highly efficient for our clients. An example is using a single data point to populate an ACORD like form, such as entering a DOT or VIN number to prefill vehicle details.” BindHQ offers a biased-to-action experience which makes the life easy for users. From button placements to new action options, they continually improve the product, including the fonts and color palette in the system.
BindHQ has its bag full of customer success stories. One of the most exciting recent projects involved empowering a traditional wholesale brokerage to transition into a program administrator. “We helped them analyze their book of business and identify opportunities to take on risk responsibly,” points Joe. We were able to automate data entry, rating, forms selection, and policy issuance via BindHQ. The product has scaled from 1 state to 31 in a matter of 60 days. The result was an increase in gross written premium with favorable commissions without adding a single FTE or contractor.
For now, they want to focus more on bolstering their presence within the E&S market. “We see us evolving into the de facto platform in the E&S market. This is how we’re going to do it – by empowering our clients with automation; improve carrier connectivity; expanding their product portfolio via our partnerships,” says Joe. On the solutions side, BindHQ is heavily weaponized to simplify the E&S space by setting up against the status quo. “Given the legacy platforms which are even prevalent today, we’re looking forward to the future as we contribute to the technological disruption across the board for MGAs and wholesalers.”
By automating many manual and duplicative parts of different workflows, we’ve made the quote-to-bind process highly efficient for our clients