“Changing how commercial insurance is done has a lot of risk to it”, says David.
The former Chief Actuary and Director of Insurance Product & Pricing at Clearcover, talks through his journey and vision to founding Coterie, who currently offer BOP, General and Professional Liability Insurance.
“We’re here to empower our distribution partners, helping them unlock a massive market”, as David explains how Coterie has built for non-traditional distribution partners, allowing them to pivot and bring speed, simplicity and service to commercial insurance.
David shares how’s he dealt with doubt and adversity along the way, including how investors backed out the week before he moved his family from Chicago to Cincinnati.
“Even if I started it and failed, that cost of education would be worth it. Every day it’s tons of little failures that we learn from and iterate on.”
David highlights Coterie’s values – integrity, intelligence, humility and passion – that drive the vision and the supportive culture that is helping people develop skills and reach personal goals as well as the value high performing insurance talent can bring to the team.
“Insurance people have amazing knowledge of the space, but sometimes we need seamstresses, not supermodels. A seamstress is going to create something new that hasn’t been worn before”.
David concludes by giving advice to anyone looking to start or grow an insurtech. “Know how you want to work with your team, give people the vision and spend a lot of time on the data model.”
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.