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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