Executive Interview - 14 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
AVYST is a tech firm on a mission to clean up the non-digital clutter of the pre-submission and submission processes for carriers and for their agent and broker partners, according to Kitty Ambers, chief growth officer.
Ambers, who has worked for a carrier, an agency and a member organization (NetVU) during her career, has written several articles about the role of InsurTechs in the property/casualty insurance industry, including Carriers and InsurTechs Go Together Like Peanut Butter and Chocolate.
Here, she adds her voice to our feature on “InsurTechs to Watch,” representing AVYST.
1. Describe your company and its mission. What does the company do?
Kitty Ambers, Chief Growth Officer, AVYST: AVYST empowers insurance professionals with transformative technology, connecting the dots that are missing across the industry. Our first in-market product, eForms Wizard, helps insurance professionals accurately and thoroughly collect data (even when offline) and get to market quickly by speeding up the insurance process.
2. Who does your technology serve? (Agents and brokers only; Agents, brokers and carriers; customers directly, etc.)
Kitty Ambers (AVYST): AVYST connects all industry stakeholders—agents, brokers, carriers, MGAs, wholesalers and other tech vendors—by seamlessly and securely sharing data.
3. Who pays for the technology you offer? Is the cost considered commission income or a service fee?
Kitty Ambers (AVYST): The fees to license AVYST’s solutions are paid for by the firms that leverage our technology. eForms Wizard is available in two subscription plans, Bronze and Gold, with features and benefits varying based on the selected plan.
4. Are you disrupting (replacing) or empowering traditional distribution?
Kitty Ambers (AVYST): AVYST was formed by insurance industry professionals known for their technology advocacy for insurance professionals. We believe wholeheartedly in enabling all stakeholders in the independent insurance agency channel. By replacing pen and paper at point-of-sale with a more modern solution, we empower agents to provide an enjoyable customer experience without paper or error.
5. What should P/C insurance carriers know about you?
Kitty Ambers (AVYST): Our architecture is such that we can easily make bidirectional data transfer possible across a variety of systems and solutions, thereby building efficiencies in the underwriting and placement of business. Carriers depend on us to map out their unique forms, since AVYST can do it quickly and accurately.
6. Bonus Question: What does the future of commercial insurance distribution look like?
Kitty Ambers (AVYST): In the future, I would expect that small and mid-sized commercial lines business will see more online, direct-to-consumer product offerings. However, the more successful solutions will find ways to incorporate advice and counseling from insurance professionals regarding emerging risks. With the larger commercial accounts, regular involvement of a true risk manager and loss control specialist will likely continue.
Client portals, data analytics, artificial intelligence and machine learning will play various roles. But the human interaction and advice of a professional agent will be paramount to a positive customer experience no matter what size account.