The Insurtech Leadership Podcast

The Most Innovative Solutions for Financial Operations in Insurance with Qiyun Cai

Have you ever wondered why financial operations within the insurance industry are notoriously complex? The intricate processes involved can be overwhelming, from data reconciliation to commission payouts.

 

In this inaugural episode of the Insurtech Leadership Podcast, host Josh interviews Qiyun Cai, CEO and co-founder of Fintary, a financial operations platform tailored for the insurance industry. Qiyun shares her remarkable journey from technology investing and AI product development to the insurance sector, where she co-founded Amplify, a digital brokerage for life insurance. The challenges of financial operations in insurance, such as data reconciliation and commission payouts, inspired the creation of Fintary in 2023. Fintary focuses on life and health insurance brokerages, offering AI-driven automation to streamline financial processes and drive business outcomes. Qiyun emphasizes the importance of industry-specific solutions, the need for modern tools to attract young talent, and the potential for technology to transform long-standing industry practices.

 

If you're interested in the intersection of finance and technology, this is a conversation you won't want to miss!

 

In This Episode:

• [00:09] Qiyun's background and decision to start Fintary
• [01:33] Challenges in financial operations in the insurance industry
• [03:56] Focus and segmentation of customer segments
• [05:09] Product capabilities and industry-specific workflows
• [08:38] Use of AI and newer technologies in financial operations
• [09:03] Product roadmap and comprehensive approach
• [13:39] Target customer segments and organization size
• [14:32] Multi-line platform and expansion into different lines of business
• [15:45] Unique needs and use cases for different insurance lines
• [17:25] Incorporating technology and product development principles
• [19:04] Funding and customer agreements for company growth
• [21:14] Opportunity and challenge in innovating in the life insurance industry
• [22:27] Go-to-market strategy and product adoption
• [22:44] Typical entry point and ultimate buyer in organizations
• [23:33] The product delivering business outcomes
• [24:53] Evolution of the industry
• [27:41] Attracting talent to the organization
• [28:56] Closing remarks and call to action

 

Notable Quotes

• [02:45], "I just realized how cumbersome it is to run financial operations in the insurance industry."-Qiyun
• [06:28] "A lot of these companies have been looking for solutions; it just doesn't solve their end-to-end workflow needs."-Qiyun
• [21:21] "When we show our product to our customers, people say, 'This is what I've been thinking about, and you've built what would solve my problem.” -Qiyun
• [25:08]  "When I started in the industry, I realized how it has been around for many years, with organizations running in a very specific manner for quite some time."-Qiyun
• [26:08]  "Now is the time where there has been a lot of consolidation, and many businesses are going through a phase where they want to professionalize the business."-Qiyun

 

Our Guest

• Qiyun Cai is the founder and operator of Fintary, focused on building automation solutions that make a meaningful impact on businesses. Previously, she co-founded Amplify Life Insurance, a digital platform enhancing financial security. She was the first product manager at Spoke, creating an AI-enabled service desk, and an investor at Scale Venture Partners, specializing in B2B enterprise SaaS, IT infrastructure, and mobile technologies. Qiyun excels in combining technology and business innovation.

 

Resources and Links

Josh Hollander

• https://www.linkedin.com/in/joshuarhollander/
• https://www.horton-usa.com/
• https://www.linkedin.com/showcase/insurtech-leadership-show/?viewAsMember=true

Qiyun Cai

• https://www.linkedin.com/in/qiyun-cai-b3837315/
• https://www.fintary.com/

Bringing New Innovations to Market Means Asking Your Customers First (w/Michael Nadel of Simon-Kucher)

Michael Nadel is a Senior Director at Simon-Kucher & Partners, an insurance veteran with over a decade of experience consulting with insurance clients to solve their most difficult challenges.

Michael has helped large insurance carriers with topics spanning areas such as innovation, strategic road mapping, Insurtech partnerships, digital distribution strategies, and large-scale digital transformation efforts. He has a deep expertise in property and casualty space, as well as the warranty and surety business.

Michael talks today about how work with insurtechs to find new growth opportunities and bring innovations to market effectively. Carriers and other incumbents' biggest asset is their customer base and they can leverage these relationships to get direct market feedback on the value, price and fit of new offerings before committing to implement and scale them. 

Previously at CNA Michael led the innovation function focusing on Insurtech partnerships and growth opportunities, and at Accenture led large scale digital transformations for fortune 500 financial services firms.

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

The Fundraising Environment in Insurtech Remains Healthy if You Focus on the Following Things (w/Bhavan Suri, Managing Director at William Blair)

Bhavan Suri is Managing Director at William Blair, an advisory services firm that helps companies including insurtechs to secure growth liquidity and financing.  Its team of technology bankers has deep ties to the insurtech sector with more than $20 billion in capital raised across 50 M&A and capital markets transactions.

Bhavan worked for several tech companies including Elytics and Answerthink and has developed a deep understanding for the industry forces shaping the tech market. He now focuses on advising technology companies that operate in the Insurtech space. Some of the companies he advised include Guidewire, Duckcreek, CCCS, Intelligent Solutions, and Sapiens.

Bhavan talks through straight-through-processing, the key domains and verticals in the insurance space today, and how they stack up on digitalization. His insights dive into combining business and technology into new offerings, how to work with IP ownership and developer teams, and proving out new market opportunities. 

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

Bringing New insurance Ideas to Market By Understanding Existing Market Profitability & Product Solutions (w/Randel Bennett, Qixent Insurance)

Randel Bennett is founder and Principal Consultant at Qixent Insurance Services, turning insurance concepts into tangible, successful products by bridging gaps in pricing, underwriting, and coverage.

Randel describes the common thread of insurance being highly regulated. Product managers are the "mini-CEO" of their state, which creates a product-centric approach and change is driven by regulation. The product manager has high knowledge of the minute details about their product.

He talks about insurtech entering the scene and working with product managers to satisfy the requirements and also satisfy what the customer needs and wants as that changes. He says electronic paperwork is an example of the legacy insurance experience that is being changed with departments of insurance. During 2010-2020 the incumbents were still using paper, but in the past few years since Covid the acceleration towards digital finally found mass adoption. 

At Qixent Randel is taking insurance ideas to product and process. For example if agents and other incumbents already work with construction & contractors, Randel and his team help them delve deeper into the risk and offer new insurance products. He says solutions providers need to review their offering vs. existing profitability of that business and how it fits within the target customers' budget.

Prior to forming Qixent, Randel was Vice President Strategic Partnerships at Swiss Re, co-founder at Sigo Siguros, and a product management leader at various insurance brands. Randel is a results-driven insurance industry professional with a proven track record in strategic partnerships, product development, and startup ventures. Randel resides in Chicago with his wife. When he is not evangelizing for insurance he is following sports, seeing a new museum exhibit, or planning for the next dinner he is cooking for friends.

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

What Does Disruption Look Like in Employer Health Insurance? A Call to Arms (w/David Contorno, CEO E Powered Benefits)

Meet David Contorno, CEO E Powered Benefits, giving employers navigable, understandable, and affordable health plans. E Powered Benefits was born out of the continuous cost increases and a lack of transparency within their existing health plans, and gives employers a real alternative to the traditional broker-carrier model that costs too much and pays too little.

 

David's passion for changing this problem stems from 30 years of experience of client renewals, which showed him that the annual 'bad news meeting' and sense of dread when meeting employees and explaining cost increases to employees had to be fixed.

 

David says the reason is that health insurance was created to prevent humans from catastrophic loss, so wonders how why it does not protect people from bankruptcy when they face high medical bills. David's realization that broker commissions and carriers claims payments increase as the total premiums written and claims paid increase was a game changer that directly led to creating this business.  

 

David explains that since 60% of Americans get their health insurance through their employers, the financial incentives to reduce benefits and increases costs and claims lead to worse outcomes and dissatisfaction every year for insured members. David likens the big publicly traded insurance carriers to the "house" in gambling, as long as members are playing in the house the rules are such that the house always wins.

 

David talks through how he went about launching the business, by studying the total healthcare costs and money outflows to build customized health plans that cost up to 65% less than traditional employer health plans. E Powered Benefits pays faster and more on claims, in particular saving money on pharmacy benefits and hospital claims, and explains why he is able to do that. Forbes has named David "One Of America's Most Innovative Benefits Leaders" for his advocacy of transparency in health plans.

 

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

Designing for Scale: How We Built a Solution for Hundreds of Companies (w/Peter Tilbrook, Founder & CEO Loro)

Peter Tilbrook is Founder & CEO of Loro, a web-based toolset that provides digital product distribution. Loro acts as a policy administration system for MGAs, Insurers and Brokers, or a complimentary system to existing processes to supercharge digital distribution. 

Loro addresses two key points, unlimited distribution, either through brokers or direct to consumers, without any sacrifice to underwriting control. The company is headquartered in the USA with a solution for clients on four continents and team members in five countries. The service is product agnostic, perfect for specialty commercial lines, or consumer products.

Peter talks about having been both on the underwriting and broking side of insurance, software felt too limited, too slow and too expensive. His team built Loro as “the product we all wished we had” in the insurance industry, to allow distribution of all products through one intermediary or many, reaching customers directly, or immediately selling on any website. This power of distribution is what helps our customers bind the new business they are looking to reach, today, without risk or substantial investment. He also describes what "no code" truly means to insurance teams in terms of having full control over their business process.

Peter describes himself as a “true insurance nerd/ professional,” having worked as a Broker for Marsh and Willis, as well as, leading an Underwriting team in Tokio Marine HCC. 

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

Using Generative AI to Issue New Certificates of Insurance and Create a Lead Generation Opportunity (w/John Paul Sutrich, Co-Founder Certificate Hero)

John Paul Sutrich is Co-founder of Certificate Hero, a SaaS platform for issuing certificates of insurance.

Certificate Hero compares contractual insurance requirements to the insured's policy data, automating the certificate issuance process, enhancing certificate processors' capabilities, ensuring the consistent and reliable delivery of certificates in the fast-paced landscape of the commercial insurance industry.  

The product reads the contract, finds and parses an insurance clause into its most meaningful components to issue a correct certificate, then compares this to the data in the agency management system, and flags areas of non-compliance for processor action. This leads directly to saving time at agencies and insurers as hundreds of millions of certificates a year.

John Paul delves into the historical roots of certificate issuance, tracing it back to the era of typewritten forms. He emphasizes how this traditional process has struggled to keep pace with the complexities of today’s contractual insurance requirements. All parties to the certificate have an interest in its being accurate, yet by the time most policies are received the policy has been signed and there is no room for corrections. Certificate Hero doubles as a lead generation tool by pinpointing inconsistencies and highlighting opportunities for brokers to engage with their clients and upgrade coverages.

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

An Extremely Motivating Story of Insurtech Success to Start 2024 - How We Built a Business That is Growing 30% a Year (w/David Embry & Belen Tokarski, CEO & COO of Mylo)

David Embry is the founder and chief executive officer of Mylo, an insurtech leader that brings its unbiased, insurance quoting engine, Mind of Mylo, to distribution and agency partners to connect business owners and individuals with top-rated insurance products. He is responsible for the overall vision and financial performance of the business as well as developing strategic partnerships. Embry is a seasoned entrepreneur with 20+ years of experience leading financial and insurance companies. He brings deep expertise and innovation to Mylo. Previously, Embry served as the president of SelectQuote Benefit Solutions and managing director at J.P. Morgan. 

Belen Tokarski is the president and chief operating officer of Mylo. She is responsible for optimizing Mylo’s leading-edge technology platform to deliver expert solutions to small business owners and individuals. Tokarski is a recognized leader in the insurtech industry with 20+ years of leadership in commercial operations and insurance automation strategy. Previously, she was the president of Platform Solutions for Insureon and vice president of Automation Strategy and Agency Solutions at CNA Insurance. 

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

The US Has One of the Largest Socialized Healthcare Systems for 150m Americans But Insurtech Largely Ignores It (w/Joseph Schneier, CEO Trusty)

Joseph Schneier is CEO of Trusty.care, connecting sales, marketing, and member engagement for 150m Americans that receive insurance through Medicare, Medicaid, or Marketplace plans. The company provides an enterprise SaaS solution to the country's most direct-to-consumer health insurance sector.

Joseph says that most insurtech founders do not have personal experience in this space but that it has a disfragmented distribution network and many similar challenges as the private insurance sector.  Just as a refresher, Medicare's coverage is 85% for people over the age of 65 and 15% for people living with chronic conditions, Medicaid covers low-income individuals and marketplace plans or Obamacare Plans that primarily focuses on small businesses or people who work for one.  

These plans comprise a whopping 150m Americans or almost half the country's population, making the US one of the largest socialized, government-connected healthcare systems in the world. Although the government is the payer, most of the underlying plans are in turn managed by private insurers (think Aetna, Humana) and marketed through TV ads.

Joseph previously built and exited companies in the education space and is now applying the same lessons to the healthcare space. Mr. Schneier has been at the forefront of innovations in global and domestic education, government, value-based healthcare, and insurance technology for over 20 years. He has built companies and products studying value-based care with complex populations, co-founded and exited two companies, and is a Fellow at Columbia University’s MBA Entrepreneurial Program. He continues to focus on care for older Americans and has founded two other companies in this space—Cinematic Health, which trains CNAs, Home Health Aides, and Personal Care Assistants, and BellAge a company working with Area Agencies on Aging on longevity initiatives.

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.

The Blue Ocean Opportunity for Insurance Agencies (w/John Morlan, CEO Smarter Risk)

John Morlan founded Smarter Risk that simplifies and streamlines the assessment, reporting, and development of risk control programs. Smarter Risk is a self-serve platform for communicating and improving insurable risk. It enables small business owners to qualify for the best rates, insurers to offer their most competitive prices, and agencies to leverage risk control as a competitive advantage.

The product helps small and medium sized business assess their risk controls to inform surveys and the underwriting process. The self-assessment workflow auto-generates recommendations for improvement, and dynamically changes the risk report. Insurers can evaluate how the business has improved over time.

John describes how the company is confirming new applications markets such as risk control consultants by streamlining the onsite examination and report-writing processes, and brokers/agencies treating risk as a blue ocean opportunity.

John talks about being a first-time founder, building a product that humans can easily adapt to and use. He takes enormous value out of the "Insurtech 2.0" community and the support and advice they have given over the past year since company founding.

Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.