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As Mark continued on his passionate journey to revive the insurance industry, he and his sons, Brett and Reid, identified a major gap in the wholesale life insurance space, namely, the lack of a platform that could revamp the way people bought and sold life insurance instantaneously. They were determined to develop a holistic platform for the requirements of the 21st century and help their peers and clients keep up with the evolving market.
Today, BackNine is aiming to provide life insurance sellers with the ultimate tech-enabled solution for streamlining and scaling their business while offering efficient and effective solutions for their clients. The following is a conversation that CIO Applications had with Mark, the Principal at BackNine, to understand how his company is helping insurance sellers to streamline and scale their business.
What are some of the trends that you expect to have an impact in the InsurTech Solution space this year, and how is BackNine planning to leverage these trends and evolve?
Global investment in the InsurTech sector reached a high of $7.1 billion by Q4 of 2020. And the fact that those numbers continued to increase despite the volatility that last year brought us is a prime example of just how essential people feel InsurTech is for our industry.
With Quote & Apply, we’re now equipping anyone selling life insurance with the tools needed to easily communicate the value of life insurance to their clients, plus the ability to run their business 24/7 with instant quoting and policy selling capabilities. And as the world continues to shift to a more virtual workforce, this is essential for anyone selling life insurance.
In your interactions with company leaders, what sense do you get of the challenges they face now in the InsurTech Solution space, and how is BackNine effectively addressing these issues?
Even with existing InsurTech platforms in the U.S., life insurance sellers – be them P&C or life insurance agents, financial advisors, wealth managers, mortgage brokers – haven’t had a solution that addresses all of their needs to actually help optimize their business and allow them to easily quote and sell life insurance.
We are a boutique brokerage agency focused on helping anyone selling life insurance in providing unparalleled value for their clients
Could you please cite a case study on how you have enabled clients to overcome hurdles and attain desired outcomes with your innovative array of solutions?
We recently formed a partnership with iBindiQ LLC and EZLynx, which represents the perfect synergy of skillsets, technology, and marketing support, along with the depth of distribution. Mark Chibbaro, CEO of IbindiQ, along with Chris Cooke, a Brokerage Director with BackNine (who also serves as President of iBindiQ LLC) recognized that most independent P&C agents in the U.S. resist selling life insurance since the process presented too many interruptions in the agent’s organization. The integration of our mutual companies’ comparative life insurance rating and application systems eliminated the friction not only with the sales process but the case management flow––to get policies from submission to commission for a P&C agent––all while being able to go about their day without loss of focus on their core business of property and casualty. We also recently announced our partnership with Redtail, a leading CRM in the financial service space. With the integration of Quote & Apply into their existing platform, advisors can now quote and sell life insurance policies as a value proposition to their clients and in real-time. In the press release, Redtail’s CEO Brian McLaughlin shared that, “automating financial service professionals’ workflows and helping to scale their businesses will always be one of our goals at Redtail, and now we’re able to add yet another essential tool to our platform with Quote & Apply’s highly effective life insurance quoting and selling capabilities.”
There are a number of companies out there that are vying for the top position. What are the strategies employed by Quote & Apply to thwart the market competition, and what, according to you, are the distinct features of Quote & Apply that give it a competitive edge?
We’re currently the only multi-carrier e-application and quoting software in the wholesale life insurance industry that allows both agents and their clients to receive instant quotes and purchase policies from several carriers in real-time. With existing platforms in the space, both consumers and agents have a lag period in waiting for quotes, and on the consumer-side, people will become inundated with calls from brokers; this is a huge deterrent, and we eliminate this frustrating stopgap that people are tired of. And, the policy sellers are able to process applications without all the tedious paperwork. With Quote & Apply, everyone wins – the agent can provide better service, and the consumer has more control in terms of coverage selection, as our competitors also don’t give the option to calculate coverage and evaluate different policy options in real-time as our software does.
What does the future hold for your organization?
Our objective is to be the go-to resource for life insurance sales in the U.S., helping anyone selling life insurance, and those buying it, to secure their future. We’re currently privately funded but exploring the option of a seed raise to help scale and potentially grow into a SaaS model.
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