Insurtech Startups: Changing the Way the Insurance Industry Works

Thursday, September 15, 2022

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By: Liri Halperin Segal, CEO & Founder of LeO

With September underway, many in our industry are gearing up for InsureTech Connect (ITC), an exciting time for those of us who operate at the intersection of insurance and technology. At ITC, we’re all in the room together, a group of people dedicated to bringing change to the insurance industry — and most of all for agents, improving the way they do business and positioning them for success.

The conversations we’ll have at ITC are just the beginning. As agents know all too well, in today’s market, the fight to remain relevant and retain customers is not one that can be taken for granted. Competitors want your customers’ business, and increasingly, so do the carriers themselves. You need to ensure you’re doing everything possible to maintain and expand your customer relationships. That means prospecting on an ongoing basis. It means cross-selling. It means making the most of your data. And increasingly, it means turning to insurtech startups and the smart technology that is being developed to help facilitate business development in the insurance industry.

Agents have a unique advantage in that they sit at the center of the most important data sources: the carriers’ data, the clients’ data, and policy data. However, many don’t have the artificial intelligence (AI) capabilities to turn that data into insight. That’s where the “tech” part of insurtech comes in. 

Today, AI platforms like LeO, are fully capable of integrating with your AMS, feeding producers sales opportunities that are enriched with insurance intelligence, triggers and ‘reasons to call,’ and helping them to close more business. AI tools like ours are changing the way the insurance industry works. These tools make your data actionable. In our case, unlocking more than a billion data points and turning them into sales.

The value of data cannot be understated in today’s environment. Making the most of the information at their disposal helps agents to sell more insurance products more often, and that’s obviously key to an agent’s bottom line. But even more important is that data is something that CAN be automated. Optimizing information is no longer a process that must be handled manually, which means that a good AI tool can free up more of agents’ time to keep client relationships robust.

Here at LeO, we use data to make an easy-to-use experience for our clients. LeO is the insurance industry’s first producer tool. Our AI-driven sales intelligence assistant’s capabilities enable producers to match their current book to over 40 million businesses, creating target or niche lists with information like account name, contact, revenue size, employee size, and needed coverage types. LeO allows agents to increase revenue per relationship in their current book of business by guiding the producer to form a business plan based on individual and team selling trends. Producers can also see cross-selling opportunities in their current book of business and base the coverage type by other clients. It’s like Siri for insurance; agents can access the data they need on the device of their choosing and retrieve data by speaking in their own natural language or simply typing a query.

Of course, technology can never replace human connection. Lasting agent-consumer relationships are crucial to the survival of insurance companies and interpersonal discourse will always have a place in the industry. But today, insurtech startups like LeO are demonstrating that great technology can actually empower agents to do what they do best — build relationships and add value to customers, only better and faster than ever before.

Thursday, September 15, 2022