The Power Producers Podcast, hosted by David Carothers and Kyle Houck, showcases the technology, industry trends, and knowledge that insurance producers need to be successful. We were thrilled when they invited our CEO, Colby Tunick, to come on the show and discuss how machine learning is changing the retention landscape.
Listen here or wherever you listen to your podcasts!
- Colby talks about his background, where he started, and how he was able to get to where he is today. (2:56)
- Colby explains that ReFocus AI exists to flag the clients that are most likely to leave at the regular expiration date of their contract. (7:02)
- Colby elaborates on the reasons why he decided to focus on retention instead of copying what everybody else does. (13:48)
- Colby shares that they currently cater to both carriers and brokers in the small-to-middle market. (18:15)
- Colby shares that what sets them apart from other competitors is that they work closely with adopters to understand their data. (24:07)
- Colby explains that the older and more established agency management systems are not easy to partner with. (28:45)
- Colby shares that they always think about how they can offer their service with the least amount of effort for the end-users by eliminating portals and APIs. (36:03)
- Colby shares that the interesting thing about insurance is that the people who hold the data, the influence, and the ability to sell are independent agents. (41:02)
- Colby explains what an API stands for and what it is for from a technological aspect. (44:55)
- Colby shares a concept that deals with software called “technical debt”. (48:12)
- “I think it just goes to show that when you have innovation and you’re growing quickly, what they’re looking for is how they can reduce the number of systems they’re using.” – Colby Tunick
- “The interesting thing for us is that we actually work with just as many mutual carriers as we do independent agents.” – Colby Tunick
- “If we can make our team more efficient by recapturing an hour or two right now, we’re setting ourselves up to nail it when the market becomes a lot more competitive, and we know everyone’s going to be struggling with retention, that’s where we want to be.” – Colby Tunick