Praxos (YC S24)

It shouldn't surprise me, but it does. It's remarkable how goals remain consistent over months, even if the software itself has gone through three different versions. There's alpha in founding a company based on a mission.

Weekend thoughts about AI and insurance: ? 1) Beware data entry disguised as knowledge work. Drafting a company narrative of your insured to send to underwriting is knowledge work. Filling out an ACORD is not. ? 2) Legacy software helps you do the work; AI does it for you. Your CRM and AMS organize client information but require you to update them. AI tracks and moves clients along the insurance process for you. ? 3) Professionals that delegate work (read: data entry) to AI have a chance to hit a home run. It won't be replacing personal relationships anytime soon. Ask it to draft a proposal for you, and it will also attach the files and activity to your audit trail. ? What's the opportunity? ? Better work, less E&O exposure, and more time to talk to clients. Envision your team celebrating: ? 1 broker + 1 account manager + AI --> $5 million in premium ? Instead of: ? 1 broker + 1 account manager --> $1 million in premium ? There is no longer a trade-off between quality and speed. Both are possible, and you don't need to increase headcount. PS: what do you think of the graph?

Want to know a secret about renewal summaries and policy comparisons?

No user experience is the best experience. Especially for software in insurance. ? Insurance professionals sell a relationship and their advisory skill, not a piece of paper. Every minute an agent or AM spends clicking around on a screen is a minute not shoring up a new relationship. That is, lost sales. ? Over the past days, prospects complimented Praxos (YC S24) on the speed and low friction needed to prepare client documents. In simultaneous, technology entrepreneurs advised me that Praxos should own the insurance experience by having users spend *more* time logged in. ? I feel visceral revulsion thinking on making users spend more time on Praxos for any given task. My ideal world is: an agent snaps their fingers; a new insurance proposal, or renewal summary, is ready for review. Praxos absorbs all the complexities of the process in the background. ? 3 clicks to create any document is close to that experience. So, we aimed for 3 clicks, and the results now speak for themselves. Much higher usage, and less time spent online. ? Want to turn processing work into a 3-click experience? ? Go to www.praxos.ai. Or shoot me a DM.

Thursday morning. Renewal review with the client tomorrow. Quotes come in just now. You snap your fingers; documents are ready. Wait, what?! ? That's not how the story should go. Sit down, pull the policy from the carrier's site, copy, and paste each field, then repeat for the quotes. Read and review each line to make sure there're no mistakes – hello E&O exposure. Stay in until 11pm. That's reasonable, right? ? It's not. Reviewing coverages so that you can have a conversation with your client is reasonable. Churning out a document – be it because it's long, dull, or painful to read – is unreasonable. ? Praxos is finally at a stage where you *can* snap your fingers and get results, without dreading errors or spending hours working on a proposal. ? Interested in passing off processing work during the proposal or renewal process? ? Shoot me a DM.

Do you want to be like Nick?

3 clicks. 0 errors. All policy lines. That’s how simple creating insurance proposals should be. That’s what clients have been asking for since we launched two months ago. So how much closer are we now, compared to April? The answer is: pretty darn close. Drafting proposals takes 3 clicks, is near perfect and can now do any type of Personal and Commercial lines as well as Employee Benefits. You might be thinking: "cool, but so what?" Imagine a world where you can service any account by snapping your fingers. You can unlock the same quality of service and experience for a $20,000 account than for a $200,000 account without spending a thought on how much time and effort it'd take. That's more closed deals and higher retention. You can also focus on being creative and showing clients more options for their coverage, going from broker to risk advisor. 4 different proposals in 1/10th of the time needed to put one together. If you are curious to test what this looks like, I have good news for you. For one week, you can click the link below and submit a batch of quotes. You just drag and drop your files and watch out for an email with a link to the documents. Our AI will put a draft proposal for you for free. Get your proposal here: https://lnkd.in/d8CM_a3p

Agency owners and insurance veterans, this is for you. You can now automate 90% of the insurance process for your agency. Forget about updating records in your AMS, CRM, email, and other software whenever you talk to a client or a carrier. Quoting a new policy or onboarding a new policyholder should be an opportunity to deepen a relationship, not a 10-minute to-do list of copying and pasting information just to keep track of your work. So, if you are sacrificing valuable face-to-face time with customers by inputting data and filling out accords, you might want to check out our video below. We put together an assistant to automatically intercept quotes, update your AMS and forward a new email to the policy applicant with the quote. You just tell the Praxos AI what you need, and it will automate a workflow on its own for you to review. Now you can reclaim your time to talk to clients. At Praxos, our mission is to give brokers superpowers. Interested in seeing what kind of abilities we can give your team? Reach out directly or comment “superpower” below.