Rashik Adhikari CEO of Covered by Sage discusses in detail, better risk management capabilities driven by advancements in Insurtech.
1. Tell us about your role at Covered by SAGE?
I am the CEO & Founder of Covered by SAGE, a modern, tech-enabled Property and Casualty (P&C) insurance brokerage revolutionizing the insurance industry.
2. Can you tell us about your journey into this industry?
I was previously an investor at Soros Fund Management, where I invested in companies across the insurance value chain. While at Harvard Business School, I founded Covered by SAGE to build a better alternative to existing brokerage models empowering both agents and insureds.
3. How do you think technology is upgrading the insurance sector?
Smart technology can significantly lower the burden of building, managing and retaining an insurance book of business while enabling agents to meet customers where they are.
Agents are able to quote and close faster. Insured can take greater control and have better visibility into their exposures.Carriers can significantly improve their risk selection and management.
4. How has digitization helped in better Risk Management?
Digitization facilitates real time visibility into the underlying exposures, thus improving risk selection and creating opportunities for loss control.
For many agents, digitizing the insurance distribution process means fewer errors and omissions and efficient and accurate quoting and binding. It also enables agents to focus on providing risk advisory without having to worry about error-prone administrative and servicing work.
5. Where do you see the biggest impact of insurtech?
Insurtech is largely disintermediating the agent. The biggest opportunity is in displacing traditional players that are slow to adapt to changing customer behavior and availability of actional big data. As the barrier to enter the insurance world is getting lower by the day, startups, both on the carrier and brokerage-front, can set-up and launch in record time thus accelerating the trend.
6. What differentiates your insurance management platform from others in the market?
Covered by SAGE is a plug-and-play agency platform that significantly lowers the financial, operational and technical burden of building, managing and retaining an insurance book of business.
7. How would you say your platform empowers agents?
Insurance agents play a vital role in risk management in our communities. However, traditional brokerages fail to empower navigate the fast-evolving insurance distribution landscape. A retail agent today needs to have the flexibility to write insurance policies from anywhere and the economics that support them. The Covered by SAGE platform drastically changes the agent’s retail dependency and reduces the need for years of apprenticeship.
8. What is the Digital innovation in financial technology according to you that will mark 2020?
I believe that 2020 is the year of the customer. Across the fintech landscape, the trends are towards giving more power back to the customers by giving them more control, better visibility and greater choice. This applies across the board but also to insurance specifically. We expect to see conclusive wins for carriers and brokerages that are leading the charge for empowering the customers.
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