CEO Views - Innovators of the year 2023

Written at Jan 18, 2024 8:33:39 PM by distriBind

The insurance industry is experiencing rapid evolution as accelerating technology trends are poised to transform the very nature of insuranceAdapting to the dynamic landscape demands the integration of artificial intelligence to improve middle and backend processesfraud prevention and risk management

distriBindan InsurTech leveraging the power of Machine Learning and Automation to provide digital data exchange platform that delivers seamless data flow across the sector particularly within Delegated Authority in LondonUS and International markets

Over 95of agentdistributed risk and financial information is submitted via spreadsheet. These documents require costly manual processing. DistriBind frees insurers, agents and brokers from the bordereaux problems through real-time API, OCR and data ingestion tools to deliver automation and complete data transparency, reducing the burden of heavy manual processes.

The CEO Views team interacted with Dave ConnorsCEO of distriBind to gain insights into the industry’s changing dynamics and how they are adding efficiency in backoffice operations through automation

CEO Views: What led to the inception of the companyWhat was your mission at the outset

Dave Connors: I have worked in the insurance industry for over 20 yearsMy roles allowed me to experience firsthand the reporting bordereaux problems within the industryRealising the pressing need to create solutionfounded distriBind to cure the insurance industry of its spreadsheet addiction

CEO ViewsCan you take us through the journey of distriBind right from its beginning to the point where it unwaveringly stands todayWhat mile- stones have you achieved along the journey

Dave ConnorsWe have achieved a series of significant milestones that have solidified our position as a leading global solution in the insurance industry in just 5 years. In the following year of its inceptiondistriBind received Innovate UK 2019 GrantWe have also received recognitions from industry peers for the company’s exceptional growth and influence including‘Top 10 Insurtech Solution Providers of 2023‘ and ‘Excellence in Technology – Service Provider‘ Finalists in the Insurance Times Awards

CEO ViewsWhat type of services does the company offerCan you please explicate them in brief? 

Dave Connors: distriBind is an automated data exchange and digital workbench automating backoffice tasks for participants across the insurance value chainOur browserbased platform provides processingvalidation and reconciliation of risk, premiumclaims and cash dataWhether distributing using traditional relationshipbased” sales methods or use digital distribution via AppPortal or Digital Quote & Bind, distriBind can help carriersbrokers and MGAs improve their processes.

CEO ViewsdistriBind has been constantly treading innovationHow has your company approach evolved over the last few years?

Dave ConnorsOur partnerships with industry leaders like Otonomi and Coral Insurance are testament to our clientcentric development approach. We’ve transitioned to a robust datadriven approachallowing businesses to leverage realtime insightsOur platform’s evolution caters to multiple data formatsreducing errors and aiding reconciliationRecognizing the growth opportunities of our clients and the industry at largewe’ve ensured that our solutions are not just relevant for today but are also scalable for tomorrowThis forwardthinking approach has been crucial in ensuring that our clients always stay step ahead in their operations. 

CEO ViewsWhat strategies do you employ to stay competitive and relevant in such a rapidly evolving sector

distriBind isn’t trying to make everyone do everything the same way. Reducing  friction between business partners is one of our key goals, and measures for success.

Dave Connors: distriBind isn’t trying to make everyone do everything the same wayReducing friction between business partners is one of our key goals, and measures for success. distriBind enables the exchange of data between parties across formats and standards. The ability for senders to send what is easiest for them, and for our ingestion and transformation engine to deliver what the receiver needs is a step-change for an industry addicted to uncontrolled and uncontrollable spreadsheets, even where there’s a nominal common data standard. This allows distriBind to be a leader, rather than a follower in driving innovation – it is a point of pride that we are already processing multiple data formats, across multiple countries/markets and classes of business with just one common threadnobody has to manually alter their data to load it into distriBind.

CEO Views: To what do you attribute your success? 

Dave Connors: The design of the product, based on years of personal experience and insightdistriBind is built with the insight of real usecases and empathy for the user. Our goal is to free our users from the monotony of lowvalue tasks such. as preprocessing data for loadingand deliver them real insight into the data where their skillsand experience can be brought to bearAs product that was originally conceived and designed from the perspective of a userdistriBind is genuinely solving real problems

CEO ViewsWhat major technological trends or developments are you observing in the sectorHow does your company make use of these technological trends to deliver the best outcome?

Dave Connors: The industry is looking to go away from the hightouch point business models to low- touch and we are enabling them to go do this and go through this transition as effortlessly as possibleThe insurance industry is building up momentum in culture of increasing innovation and customer centric operating modelsBasic operational transformations should have already been completed and the focus of risk and cost reductions should be shifting toward the ability to experiment and take more risk to drive further innovationcompetitive advantageand growthdistriBind is enabling insurersbrokersand MGAs to underpin their business with core dataThe dashboards and reporting capabilities mean that the visibility of data has been taken to whole new level

CEO Views: Kindly take us through the working culture at your companyHow does your company foster culture of innovation

Dave Connors: As company we are committed to openness and innovationWe have flat hierarchywhere everyone is encouraged to share ideas and take ownership of themand reward them for successwe regularly promote internallyThe leadership is committed to the idea that experience is not the beall and endallwhen recruiting we prioritize intelligence and openness to ideas and creative problemsolvingIn an industry hidebound by reliance on “how it’s done“, this is radical approach that helps us differentiate

We encourage crossteam collaboration and sup- portgiving the team visibility and appreciation of others effortsAs remotefirst companywe encourage closeness through regular companywide updates and team lunches/events when in the office

CEO Views: What are the pain points in the industryHow is your team specially equipped to solve those problems

Dave Connors: Many of our typical customers, including MGAsCarriersand Brokersstruggle with inefficient and errorprone manual processes that consume valuable time and often result in inaccuraciesOur solution addresses reporting challengeswith userfriendly dashboards and clear risk and data insightsour platform enhances reporting capabilitiesproviding clients with comprehensive view of their operations.

Additionallywe eliminate approximately 45 minutes of manual preprocessing per spreadsheetfreeing up valuable time for our clients to focus on highervalue tasksInsurance companies face the issue of dealing with multiple formats of bordereauxwhich often leads to inefficiencies and errors during the reconciliation of premiums with risksOur platform tackles this problem by providing standardized and centralized system that can seamlessly handle various bordereaux formats

CEO Views: What do you see as the future of the industryHow do you plan to position your company to thrive in that future

Dave Connors: We have new Head of Innovation in place and our roadmap is always growingWe need to keep up with demand and market changes which means we must continually review the product roadmapalong with infrastructureOur current priorities are around automating configuration via Machine Learning to simplify and speed up implementationexpand the use of Machine Learning and Al into further predictions and anomaly detectionand add pricing and quote/bind to offer complete MGA solutionWe work with all our customers to ensure that their business needs are metand to ensure we are fully compliant with ever changing regulatory requirements

distriBind has a global presence, with users in 8 countries and 2 continents, we’re continuing to expand with plans to open offices in 2 additional countries in the next 6-9 months.

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Curing the insurance industry of its spreadsheet addiction