Embroker, a leading digital commercial insurance agency, helps more than 2,000 businesses save time, reduce the administrative burden, and find the best value on the right policies. Oliver Wyman Partner Vlad Stojanovic connected with Matt Miller, Chief Executive Officer on the latest insurtech digital breakthroughs and the secret sauce to an insurtech’s success.
“Truly understanding a customer pain point and re-engineering a product in a whole new way is what makes this type of innovation powerful,” said Matt.
Embroker offers on-demand expertise and technology that takes the administrative burden out of insurance, so companies can focus on growth. The insurtech is increasingly creating its own products and finding new opportunities in more complex, specialty lines of business, areas that had been notoriously tough for customers to navigate. For example, Matt knew firsthand the difficulties of buying a Directors & Officers Insurance policy—coverage so executives can serve confidently as leaders of their organization without fear of personal financial loss. It had been a horrible experience when he had to buy it for his company, so Matt took this customer need and had Embroker launch a fully digital Directors & Officers policy for businesses. “We thought that if we can solve this pain point, there would be a tremendous amount of opportunities to distribute it,” he said.
Matt also spoke on how insurtech innovation can drive new ventures, a theme that Allianz Executive Director Jean-Marc Pailhol had also highlighted at ITC 2018. “As the insurance products become better and as the friction costs go down, we can work on catalyzing a change—to make insurance less of an administrative hassle and more of a growth driver for a business,” Matt said.
Two recent focus areas for Embroker are marketplace economy risks and blockchain risks. “In those newer more nascent businesses, what we see is—that being able to find the right insurance policy, tailor coverage and provide risk management solutions actually allows businesses to do things they wouldn’t have been able to do previously,” he said.
Ultimately, the hope is to find ways to “catalyze growth using insurance,” he said.