Insurance Software with Gordon Wintrob

Insurance is an old business. Individuals and businesses have been buying insurance policies for decades. These insurance policies can cost hundreds, thousands, or tens of thousands of dollars per year.  

Software is remaking the insurance industry.

One way new software can improve the insurance industry is through better brokerage technology. Insurance involves carriers and brokers, who work together on delivering insurance solutions to customers. The initiation and closing of an insurance transaction often involves lots of emails, PDF files, and antiquated software systems. Technology improvements will smooth out this process and reduce manual overhead.

Another way insurance can improve thanks to technology is through smarter pricing. The price of an insurance policy is offered to a customer based on how risky the insurance policy is, how large the customer pool is, and how much the insurance company could lose in the event that it would have to pay out an insurance policy. These risk profiles are calculated based on historical data.

Gordon Wintrob is the co-founder and CTO of Newfront Insurance. Gordon joins the show to discuss the insurance industry and how his company got started.

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Transcript

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