Executive Interview - 5 of 15
This article is part of a series of interviews with InsurTech Executives involved in the distribution of property/casualty insurance about their missions, how they are changing the industry, and the implications for carriers.View All Interviews
Tasks like generating new business, building relationships and acting as advisers to help clients make good decisions are the activities that agents want to be spending time on, Philip Charles-Pierre, CEO of Semsee believes.
By offering a platform that integrates carrier questions into one digital application, which can be simultaneously submitted to carriers for quotes, “Semsee takes the pain out of quoting, so the agent can be the consultant they want to be for their clients,” he said, responding to one of the questions Carrier Management editors asked leaders of 15 InsurTechs to Watch serving P/C insurance distributors.
Charles-Pierre’s complete answers to our questions are presented here.
1. Describe your company and its mission. What does the company do?
Philip Charles-Pierre, CEO, Semsee: Semsee is the independent insurance agent’s go-to platform for quoting small commercial with their appointed carriers. The platform integrates carrier questions into one digital application, which is simultaneously submitted to carriers for quotes. Once submitted, Semsee displays the quotes and agents are linked to the newly created client records in their carrier portals.
2. Who does your technology serve? (Agents and brokers only; Agents, brokers and carriers; customers directly, etc.)
Charles-Pierre (Semsee): Semsee primarily serves agents and brokers. Our platform enables agents to spend less time quoting and more time servicing clients and generating revenue. At the same time, carriers are leveraging our technology to interact with retail agents.
3. Who pays for the technology you offer? Is the cost considered commission income or a service fee?
Charles-Pierre (Semsee): The agent or agency pays for access to our platform on a subscription basis.
4. Are you disrupting (replacing) or empowering traditional distribution?
Charles-Pierre (Semsee): At Semsee, we are empowering the independent agent to spend more of their time on higher level tasks, like generating new business, building relationships, and acting in their advisory capacity to help their clients make good decisions. Semsee takes the pain out of quoting so the agent can be the consultant they want to be for their clients.
5. What should P/C insurance carriers know about you?
Charles-Pierre (Semsee): We are ready to connect! We want Semsee to be the most useful tool for independent agents when quoting small-to-medium commercial insurance policies, and to do that, we want as many carriers as possible to be represented on our platform. Because it’s free of charge and only connects with appointed agents, carriers can view this as a low risk way to leverage technology to engage with their IAs.
6. Bonus Question: What does the future of commercial insurance distribution look like?
Charles-Pierre (Semsee): We think that the agent will remain an important part of commercial insurance distribution, but there is a huge opportunity for technology to take the repetitive, data-entry heavy aspects of the role off of the agent’s plate, allowing them to help their clients manage risk and choose the best policies for their businesses. Commercial insurance is complicated, and difficult for the typical business owner to understand. Though a digital, direct to consumer model may work well for less complex risks, the majority of business owners will still need an agent to help them navigate the commercial insurance space.
We see Semsee as a fundamental part of this going forward by helping to connect agencies and carriers.