Episode description
Digitally distributed MGAs have been a popular topic on the podcast as it's been the basis for many Insurtechs to go live in the industry so I was pleased to speak to MGA veteran Philip Cabaud.
Philip is CEO of Now Insurance an AI-driven insurance platform to providing professional liability cover within 3 minutes.
This was a far-reaching conversation where we discussed:
The importance of driving your own traffic - not leaking money on acquisition costs
How do you build an AI underwriting solution - where do the people fit in
The importance of speed and customer journey to the small business customer
Why launch as an MGA first? Why go full-stack?
Challenges of building new products in an MGA
USA capacity cycles vs Lloyd's
The ironic balance between SME business - great business for underwriters but the bad experience for the consumer
The importance of digital marketing to the success of SME business
Why there are no cheap costs of customer acquisition
The broker model means that the insurer focuses on the broker as the customer, not the consumer
We discuss how to create more touchpoints with the customer - add value
I NEARLY get a scoop on some patented tech - but don't!
How to run a tech-enabled platform as a non-tech person
The creative challenge of insurance businesses
Thanks to Philip for being a great guest.
This podcast was brought to you by FinPro an executive recruitment business that works in the Insurance and Instech space
Our host is FinPro Director, Alex Bond.
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