Photo byLisa Smith

As the insurance industry stands on the brink of change, one name is emerging with high hopes of challenging the status quo. Meet Lisa Smith, CEO of Tech-Insure. With a distinguished history in insurance, Lisa’s goal is to transform how insurance protection is sold.

Tech-Insure was created to make insurance more accessible and consumer-friendly, bringing a much-needed change to an industry often perceived as anything but exciting.

As Lisa puts it, “Insurance typically isn’t thought of as sexy, but no tool or solution has done more for creating individual wealth and preventing poverty than insurance has. Insurance enables professionals, entrepreneurs, and investors to take calculated risks, fostering the economy we depend on today.”

Smith’s Unique Approach to Insurance Distribution

Tech-Insure distinguishes itself from the traditional insurance industry through its unique method of insurance distribution: transaction-as-a-service (TAAS). The core idea behind “transaction-as-a-service” is the separation of the front office experience - the client journey - from the back office processes. Allowing your insurtech solutions to process part of your transaction, such as our client journey, allows your core systems to not have to pull ‘double duty’ or be heavily customized trying to be everything to everyone in the transaction.

This approach enhances the customer-centric aspect of insurance with modern transaction capabilities while letting back-office processes continue with the heavy-lifting work.

Under Lisa’s guidance, TechInsure addresses industry distribution challenges by helping insurance solutions market to specific target audiences. Instead of going the traditional mass marketing route, with it’s potential fraud exposures, Tech-Insure targets qualified candidates, increases sales and share of wallet. Furthermore, the insurance consulting platform empowers white-label solutions, which can be repurposed for cross-branding, creating new possibilities in an increasingly competitive sector.

Overcoming Other Industry Challenges

Tech-Insure’s TAAS approach stems from the need to address pressing challenges facing the insurance industry. The shrinking sales force, focus on inorganic merger and acquisition growth, declining commissions, and inability to achieve economies of scale in sales and service are ongoing issues.

Addressing Poor Organic Growth

One of the most pressing challenges is the industry’s poor organic growth. An aging sales workforce, poor digital buying experiences, and a push to reduce commission expenses by insurance companies means that we, as an industry, aren’t reaching out enough. TechInsure confronts this by introducing an approach that allows producers to design and support digital journeys. These journeys vastly improve the industry’s ability to sell more policies and increase the count of Policies-in-Force (PIF) while leveraging the knowledge and experience of our successful producers.

Facing InsurTech Challenges

While Insurtechs’ have distinguished themselves by challenging the status quo, investment in the current economic environment has lagged. While the insurance industry gradually embraces digital solutions, these solutions often remain proprietary or captive, limiting their effectiveness.

The transaction-as-a-service (TAAS) model is different. In a time when the industry needs to embrace technology, this approach facilitates smooth transitions, leveraging the recent trend of insurance carrier’s back-office updates, without further excessive financial commitments. TAAS is an accessible and cost-effective alternative and does this without risky system conversions.

Hosted journeys allow quick-to-market approaches for projects to launch, adapt and repeat quickly. The key with many Insurtech and Fintech opportunities is not to wait or to be caught in long, heavy implementations but to get the solution to market.

Reshaping Data Representation

Tech-Insure’s platform captures client marketing and acquisition data, an aspect often missed in the insurance industry with the separation between product creation and distribution. The platform hosts branded, unique customer experience journeys for the distribution of insurance policies, creating an advantage in an industry where data-driven decisions are crucial. Journeys allow single, enhanced client experiences across products, brands, coverage options and policies.

Moreover, the company’s approach allows transactions to be processed on behalf of clients without relinquishing data rights, resolving data ownership issues and enhancing the practicality of the data itself. The TAAS is performed by the platform but the data is shared back to the sponsor of the journey allowing for quick insights and tracking of critical performance metrics.

More About CEO Smith

Smith is more than just the CEO of TechInsure. She is a seasoned insurance strategist with a wealth of experience in property and casualty (P&C) and life and health (L&H) insurance. Her expertise crosses underwriting, direct and brokering distribution, and product development.

Her contributions extend to data integrity and integrations, workflow process and management, documentation, workflow audits, sales marketing opportunities, and pipeline management.

In a rapidly changing industry, Smith is advocating for a more accessible, efficient, and consumer-centric landscape that welcomes newcomers, underserved markets and ensures financial security for all.