Insurtech startup QuoteWell has emerged from stealth mode, unveiling its “innovative” approach to the insurance industry. Led by CEO and Founder Joey Bouchard, the company aims to address the underserved segment of the insurance industry while leveraging the power of technology. QuoteWell’s unique semi-automated approach combines human expertise with advanced technological solutions, promising to streamline processes and deliver exceptional outcomes.
Addressing the underserved segment
Joey Bouchard emphasizes the urgent need to serve an underserved segment of the insurance industry. Despite the significant growth in the market, smaller agents, including mom-and-pop shops, have been left underrepresented. QuoteWell recognizes the importance of providing these agents with the necessary tools and support to thrive in a competitive landscape.
The semi-automated approach
QuoteWell’s approach blends human expertise and technology to cater to the needs of its customers. By combining the experience and knowledge of licensed brokers with cutting-edge technological solutions, QuoteWell ensures that its customers receive personalized and efficient service. This unique blend of human and technological capabilities sets QuoteWell apart in the industry.
The significance of surplus line premiums
The U.S. insurance market processes over $100 billion in surplus line premiums annually. This niche specialty of wholesale brokers presents a significant opportunity for insurtech companies like QuoteWell. However, consolidation within this space has created challenges for smaller agents, limiting their representation and access to this lucrative market. QuoteWell aims to bridge this gap by providing comprehensive solutions to both agents and carriers.
Concerns of Overreliance on Wholesale Brokers
Insurance carriers are increasingly wary of relying heavily on a few wholesale brokers for their distribution. The concentration of power in a limited number of entities poses risks in terms of market stability and competition. QuoteWell recognizes this concern and aims to provide a diverse network of carrier partners, ensuring that insurance carriers have access to a wider range of distribution channels to mitigate risks associated with over-reliance.
The role of QuoteWell’s team and AI-backed models
To support its customers effectively, QuoteWell has assembled a team of 12 licensed brokers who bring their expertise and experience to the table. These brokers help facilitate the submission flow and provide personalized coverage recommendations. In addition, QuoteWell leverages AI-backed models to assist in these recommendations, tapping into a vast network of over 45 carrier partners, ensuring the best coverage options for agents and carriers.
Swiss coverage recommendations
One of QuoteWell’s significant strengths lies in its ability to swiftly provide coverage recommendations. With response times of less than two hours for agents, the company aims to deliver timely and efficient service to its customers. By reducing the turnaround time for coverage recommendations, QuoteWell enhances customer satisfaction and facilitates smoother business processes for agents.
Partnership with NEA and Drive for Progressive Change
Wells’ partnership with NEA, a leading venture capital firm, highlights the company’s commitment to driving progressive change within the growing insurance industry. Rick Yang, Partner and Head of Technology at NEA, expresses enthusiasm for QuoteWell’s ability to seamlessly integrate human relationships with automated systems, data, and software. This integration is expected to deliver exceptional outcomes, advance efficiency, and yield meaningful results in the insurance sector.
Insurtech startup QuoteWell is revolutionizing the insurance industry with its fresh and innovative approach. By addressing the underserved segment of the market and leveraging the power of technology, QuoteWell aims to bring about positive change. Through its semi-automated approach, blending human expertise and advanced technologies, the company promises to streamline processes, provide swift coverage recommendations, and facilitate efficient business operations. With its dedicated team of licensed brokers and AI-backed models, QuoteWell is set to make a significant impact in the insurance industry, driving progressive change and enhancing outcomes for stakeholders.