In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Colby Tunick, CEO of ReFocus AI. Colby discusses how The ReFocus AI platform is a game-changer and how they are able to help in the insurance business.
Episode Highlights:
- 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)
Tweetable Quotes:
- “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
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