Executive Interview - 15 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
In spite of numerous predictions to the contrary, agents have a future in the property/casualty insurance business, and Veruna aims to give them control over their technology and their future, according to a leader of the technology company that has built an agency management system on the SalesForce platform.
Here, Jon Lincoln, founder and chief product officer, who was also selected as a 2019 ACORD Leadership Award winner, describes his company’s role in help agents of the future, responding to questions Carrier Management editors posed for our InsurTechs to Watch feature.
1. Describe your company and its mission. What does the company do?
Jon Lincoln, Founder and Chief Product Strategist, Veruna: With expensive, rigid management systems dominating the space for the last several decades, automation for modern insurance agencies is way behind. Veruna is the industry’s only agency management system built on the Salesforce platform that allows agencies to build a competitive advantage. Not only do we provide our customers access to thousands of integrated apps available through the Salesforce App Exchange, our system also offers an architecture that allows agencies to customize and build on top of it.
Our mission is to expose agents to an open platform to give them something they have never had before—control over their technology and future.
2. Who does your technology serve? (Agents and brokers only; Agents, brokers and carriers; customers directly, etc.)
Lincoln (Veruna): Veruna is built specifically to enable insurance agents and brokers to be more productive and successful, but there are clearly benefits for carriers as well. Veruna is already working with a number of carriers to build direct connections from the agent to carrier providing better communication between parties and increasing the speed to sale.
3. Who pays for the technology you offer? Is the cost considered commission income or a service fee?
Lincoln (Veruna): Veruna is offered to agents via a subscription fee. Since the solution is cloud-based, there is also no heavy lift in terms of implementation costs, so our total cost of ownership is impressively low.
4. Are you disrupting (replacing) or empowering traditional distribution?
Lincoln (Veruna): Veruna is replacing legacy management systems and giving traditional agencies a chance to compete in a fast-paced InsurTech world. By coupling exceptional technology with industry expertise, Veruna delivers an AMS designed to meet the needs of the forward-thinking insurance agency with higher levels of mobility, flexibility, customization, and integration. Seeking to end frustration with “good enough” insurance technology, Veruna is challenging the status quo of agency management with a contemporary solution to managing and automating the life of an insurance agency.
5. What should P/C insurance carriers know about you?
Lincoln (Veruna): Veruna wants the same thing you want. An easier way for agents and carriers to communicate and transmit data.
6. Bonus Question: What does the future of commercial insurance distribution look like?
Lincoln (Veruna): The future holds an easier and more streamlined way for agents and carriers to sell commercial lines insurance. This includes direct API integrations allowing for faster quoting and less friction during the sale.
Read about more InsurTechs to Watch (The Distribution Channel)