InsurTech Hartford Community Spotlight: Frank Sentner

Meet Frank Sentner, a seasoned professional with nearly 50 years of experience revolutionizing the insurance industry through technology solutions. Frank's expertise lies in enhancing the business processes of insurers, insurance brokerage firms, and insurance technology solution providers. Throughout his illustrious career, he has led major projects, provided strategic consulting services to renowned brokerage firms, and made significant contributions to the field of InsurTech. However, Frank's passion has recently shifted towards mentoring startups, sharing his vast knowledge and expertise to shape the future of the industry.

Frank's journey began in 1976 when he led the development of the first ACORD forms-based agency policy and claims system while working at Insurnet. In 1982, he established his own consulting firm, which later merged with two other founders to form Creative Information Systems (CISCo) in 1984. Frank played a pivotal role at CISCo in designing and developing Sagitta, the groundbreaking ACORD AL3-based agency system that continues to be utilized by some of the largest insurance brokers worldwide.

Throughout his career, Frank's expertise has been highly sought-after. After the CISCo merger with Aetna's Gemini division in 1992, the formation of CISGEM took place. This entity was subsequently acquired by Vertafore in 1995, where Frank served as the Senior Vice President of Technology until 1996. Vertafore, a leading player in the industry, experienced significant growth and was acquired by Bain Capital Private Equity and Vista Equity Partners in 2016. Later, it was sold to Roper Technologies for an astounding $5.35 billion. Sagitta remains a flagship product for national insurance brokers like Marsh MMA, USI, and BB&T.

Since establishing Sentwood Consulting in September 1996, Frank has provided invaluable consulting services to various organizations, including The Council of Insurance Agents & Brokers, USI Insurance Services, Insurity Inc., and ACORD. In 2016, he played a pivotal role in creating Connecticut's first InsurTech Accelerator, collaborating with representatives from the State of Connecticut, the City of Hartford, the University of Connecticut, and multiple insurers. Frank's dedication to driving innovation and growth in the industry is exemplified through his active role in mentoring startups within the accelerator and his involvement in the Nassau Financial Group Re/Imagine InsurTech Incubator.?

Read our interview below to learn more about how Frank continues to revolutionize the insurance industry.

1. Tell me about yourself for people unfamiliar with you and your work.

I've been in the emerging insurtech space for eight years and was an entrepreneur who built and sold a company. Currently, I work as an independent consultant, mainly with startups, offering advice in exchange for equity. I've been on the advisory board for several startups, and some of them have seen successful exits. The advantages of engaging my services are that organizations commit, value the relationship, and benefit from the advice. There are no strict time or effort boundaries, so startups can choose how much involvement they want from me. Some startups utilize more of my time, while others use very little, based on their discretion. If a startup asks me to perform tasks beyond advising, I charge them a reduced rate for my consulting work. Equity arrangements ensure that they value my expertise, and I don't have to worry about billing or collections. It's interesting to see which startups choose to implement my advice and which don't, creating intriguing opportunities for me to evaluate the impact of my advice.

3. Can you describe a success story that had a transformative effect on your approach?

One of the startups I'm most proud of is Aureus Analytics . They were part of the first cohort of InsurTech Hartford’s accelerator. Initially, their focus was on insurance companies, but as my expertise lies in property and casualty distribution, it wasn't a good fit for equity-based advice. However, after a few years, they approached me to help pivot their focus to insurance agencies. Together, we worked on creating an agent-facing version of their customer experience analytics platform using machine learning and artificial intelligence. They are at the point of scaling and have gained traction in the agency space.I'm proud of their progress and excited for their future success.

4. What emerging trends or innovations do you find particularly exciting or promising for the future of insurance?

Insurance has the potential to leverage almost any technology because it touches so many aspects of our lives. One trend I've noticed is the significant number of risk-mitigating technologies in the InsurTech space. However, the insurance industry has yet to effectively monetize risk mitigation. Currently, most insurance companies make money through risk transfer, but there's an opportunity to lower costs by using technologies for risk mitigation and tracking. This would involve charging premiums based on individual risk profiles rather than grouping people and businesses into large demographic categories. Insurance companies have a difficult time shifting their underwriting models, but insurance agents are more nimble and closer to their customers, so they have a huge opportunity in promoting risk mitigation.

5. What are your current career goals? How has InsurTech Hartford contributed to this journey?

Despite being 73 years old, I am passionate about what I do. When Stacey started InsurTech Hartford, I was one of the first members, even though we didn't meet face-to-face for over a year. It was exciting to find like-minded people to collaborate with. Working with Stacey and others in the industry has been a fantastic experience, and I value the opportunity to pass along what I've learned. Legacy is important to me at this stage of my life. Having built and sold a successful company, I am now in a position where I can afford to provide equity-for-service consulting. I want to help others in the industry realize the benefits of technology. The insurance industry has been slow to adopt change, including technology. I'm pushing and pulling to bring people from the insurance industry into the future and take advantage of available tools. I firmly believe that insurance will become more integrated with products and services, leveraging technology. I just hope to see this transformation happen faster.

8. What advice do you have for independent consultants to proactively contribute to the growth of the industry while still achieving their individual goals?

Each person has to make their own decisions as they near the end of their career. However, I strongly encourage people with similar experiences and business success to share their knowledge. It's incredibly rewarding and more fulfilling than simply relaxing on a beach. Being able to provide guidance, encouragement, and even financial support is a wise choice. Personally, I had a wise financial advisor who advised me to diversify my investments, even if it wasn't where I would have initially put my money. As I've gotten older, I've realized that time is a far more valuable commodity than money. People cherish their time in ways that money can't match. I urge my peers to make the most of whatever time they have, even if it's not 100% dedicated. Personally, I love the flexibility of being able to take time off and go on a three-week RV trip to Canada in July. These days, work can be done from anywhere, so it's possible to fit it in. My startups are understanding of the time I take off and I appreciate their gratitude. It brings me immense joy and keeps me motivated.

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Frank's remarkable journey in the insurtech space exemplifies the power of passion, adaptability, and expertise. His commitment to nurturing strong relationships and tailoring his involvement to meet each organization's unique needs is a testament to his unwavering dedication. With a keen eye for emerging trends and a firm belief in the potential of technology, he continues to pave the way for a vibrant future, inspiring others and leaving a lasting legacy in the insurtech landscape.?

Stay up to date with Frank and learn more about his journey on LinkedIn .