“Don’t underestimate the need for people to support your digital business”, says Bill as he shares his journey from not-for-profit and workers comp to affinity distribution and tech-enabled businesses.
Bill discusses co-founding Gradguard that works with 450 colleges across the US to provide embedded insurance at the point of enrolment, enabling students to protect their investment in education.
Co-Founding Boston-based Bindable in 2016, Bill gives an overview of how the business started and current growth plans.
Bill explains how the business has evolved from its early focus on auto insurance in Massachusetts to providing insurance as a service, enabling carriers, brokers or brands to expand through alternative channels, launch new products or enter the insurance market.
“We like to think of the business as a B2B2C distribution platform. If a brand wants to get into the insurance business, whether it’s a bank or a retail brand, whoever it is, we can support them doing it themselves or we can do it for them.”
Bill highlights how products have evolved from auto and home to digital products like travel insurance, pet insurance, home warranty insurance and legal plans as well as the benefits Bindable offers carriers, brokers and brands.
“Our value proposition is straightforward. Would you like to access preferred channels and get to those customers in a moment that’s important to them in?”
On top of engagement, there’s the data, they learn about their customers and their buying habits as well as the reduction in customer acquisition costs.
Bill discusses challenges to scaling the business and the culture & values of the team, emphasising the importance of ‘being nice.’ “It is our primary core value. Be nice to customers, be nice to partners, be nice to competitors, be nice to each other. It goes a long way.”
He shares Bindable’s approach to hybrid-working. “Like everyone else, we’re trying to figure out the right cadence. People need flexibility. I also think it’s important to have collaboration to be in the office and spend time together.”
In conclusion Bill stresses how important those with insurance expertise are to the business and advises anyone looking to join a growing business to do their research.
“Know that you’re going to work hard, but find people that you feel have the same values as you, because you’re getting into the trenches.”
The Insurance Coffee House Podcast is hosted by Nick Hoadley, CEO, Insurance Search, the Executive Search Consultancy for growing Insurance and Insurtech businesses across the globe.