Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!
For this feature, we have CINCH Insurance with Founder, Warren Burns. Enjoy!
Tell us Cinch’s brief pitch
Cinch is a tool that provides families and small businesses access to all of the their insurance information, regardless of vendor, from a single source. Log in to Cinch and you can see all of your policy information, take out new cover as when you need it, renew your current policies and even make a claim, all from one dashboard.
So how did Cinch begin?
Cinch began as a sense of frustration with the kinds of technology that were being provided to manage your relationship with the industry. As we began to work with some insurers and brokers we got to understand that they shared our frustration. The insurance technology market had been under invested in compared to other similar sectors. Software that had been built in the 90’s was still in common use across the industry and customers were feeling the pain through low levels or automation, heavy reliance on paper and poor user experience.
How has Cinch evolved since inception?
We originally aimed to build a robo advice business that was aimed at the SME sector. We had experience building financial advice algorithms and had a strong data science team. Through our interactions with potential clients we learned that the advice side of things is not where clients are feeling the pain. The main pain point we came across was how distributed and obfuscated your insurance information was. Multiple insurers, each with multiple brands, fronted by brokers meant that even a simple insurance portfolio was difficult to interact with. We are now concentrating on being the central place where all of your data lives, personal and business, and giving users the ability to control who has access to their insurance information.
What is your team currently working on 2019 or what have you accomplished recently?
We have two big accomplishments that we are celebrating recently. We gained agreement from another one of the bigger insurers to work with the Cinch platform. They have agreed to provide policy information for users of the tool and will also provide quotes and renewals through Cinch which is great news for us as we need everyone to collaborate in the best interests of clients for this to work.
The other big news this week is that we have signed an agreement with a medium sized broker to run their affinity lines through the Cinch For Affinity tool. This really enhances our ability to reach our intended audience and offers the Broker access to a technology solution that enhances their brand.
Great! We’ll hear more about this space!
How does Cinch ‘give back’?
The truth is that we are not in a position to yet. We are bootstrapping ourselves to market and all of our attention is on getting this amazing technology launched. Perhaps in the future we will start a charity that holds parties for 80’s era insurance executives so that they can dress in double breasted suits and regale each other with stories about how much better the parties were back then.
That’s a good one!
What is Cinch’s biggest challenge in today’s markets?
Our view on this has changed. We originally worried that regulation and compliance would be our biggest hurdle. Our conversations with regulators have been nothing but positive and helpful. We are focused on the challenge of participation. We need all participants to look at us as an opportunity to make everyone’s lives easier and not a technology threat that is here to automate people out of the loop. Relationships, Risk Management and Reputation are key to success in insurance, we are purely a technology business that supports each one of those principles.
Anything else you’d like to say that we didn’t ask?
The number of insurers who still use 1993 ANZIC codes is a statement that tells us all we need to know about where the industry is right now.
The awesome CINCH Insurance team!