From Broker > Insurtech; My Story
Thank you to all those who have subscribed so far! I will be posting weekly on Friday afternoons, covering a range of topics from:
Before I get into my weekly posting schedule, I wanted to share about myself, my experience as a broker, and how & why I got into the world of insurtech.
Malcolm Gladwell's 10,000-hour Rule
In Outliers, author Malcolm Gladwell asserts the key to becoming a true expert in any skill is simply a matter of practicing, in the correct way, for at least 10,000 hours.
23,415 is approximately how many hours I was an insurance broker and the Managing Partner at Tenzing Pacific Services in Vietnam.
From that time, I'm well aware of the pain points of being a broker & realize the potential there is for the industry to evolve technologically.
Early Days
I joined Tenzing in January 2014, right after the company was founded, as a commission only insurance agent. Working from a tiny crammed office, I got my start by reading insurance benefit tables & policy wordings and jumping straight into the deep end.
My first client was a group policy with ~$60,000 premium. Landing the group earned me kudos from my future business partners.
With gravitas built, I saw an opportunity for myself to play a much larger role in Tenzing so I pitched myself and was appointed the manager (don't ask, don't get!) From there, I ran Tenzing from 2014-2023.
I stepped away after building Tenzing, organically,
From: a very basic company with a handful of clients, a simple website & some existing terms in place.
To: a very reputable company in the industry
Why Leave?
With so much emotionally invested in a company, why give that up, leave my comfort zone and venture to the world of? 3 reasons:
Key Milestones:?
After I took over managing Tenzing, I quickly realized prospective clients spent about 5 seconds looking at my quote that I had spent 30-45 minutes putting together in a professional PDF proposal.
Something needed to be built to make the quoting process significantly more efficient, with the goal in mind of quotes in less than 1 minute.
领英推荐
Enter Google Sheets.
1) Quoting System in Google Sheets?
Being pretty handy at Excel, I took to Google sheets to build my own system. Through lots of YouTube videos and trial & error, I built a system:
The system allowed us to provide quotes to our client, live on-the-spot in meetings or over digital meetings, including:
Now unless you've done this yourself, this is not an easy task due to providers' different formulas and benefit structures.
But that is exactly why it was a powerful; it enabled us to handle more clients per employee, attract more employees and scale our business.
?2) Full ERP System
A couple years after using Google Sheets, we took it as a prototype to a developer who turned into a full ERP system, complete with:?
Why Insurtech?
From my experience with our tech & systems, I realized that I much preferred that side of the business than I did all the joys of running a broker in a developing country. I didn't just prefer it, I actually enjoyed the tech & systems side of the business.
But walking away was hard to do. Like walking away from a legacy system, it took me many years to finally pull the trigger.
My Goal with this Newsletter
My background in brokerage has given me a unique perspective on the power of digital transformation. I want to share insights that spark discussions within your organization.
Starting your digital transformation journey can unlock a world of possibilities. As an insurtech consultant, if I can help you along the way, great. If not, then hope I make your Fridays a bit better!
Onwards & upwards,
Quinn Miller | Insurtech Consultant
Founder & Chief Entropy Officer at VanderSure l Global Health Insurance Intermediary l Employee Benefits Expert l Risk Specialist
6 个月Nicee!
Senior Advisor at Tenzing Pacific Services - Insurance & Investments
6 个月You've been doing some gnarly developments externally with the tech last time I saw you. Good stuff ??
Empowered 100+ Expats to Manage Their Own Money, Save and Invest
6 个月The constant innovation is what kept me at Tenzing for so long. It's difficult imagining working for a broker long term who didn't upgrade internal systems. Keep the insights coming.