nownIt’s time for another insurtech startup to get into our spotlight! This week we’re bringing you RightIndem. If you attended our Connect the Dots event last November you might remember meeting them there, but since our diusruptive tech startup expo they’ve been extremely busy. Being part of the first Startupbootcamp InsurTech cohort they have gone through a fast-paced and intensive programme that got quite a few insurers interested in their business with attention even from the USA. They were recently awarded the Best InsurTech Start-up Pitch at the recent Insurance Times Innovation and Dissruption. If you’re dreaming of a stress-free, consumer centred claims process, it’s time you read what their COO and co-founder Graham Blaney has to say about how RightIndem will enable insurers to tackle claims more efficiently.
Hello Graham! First of all, how did you come up with the idea for your start-up?
I am the founder of Buying Butler (an online assisted buying platform for cars) and Dave is the founder of EtWB and Carandus.com. We met to discuss used car valuation software and suddenly had a eureka moment. We quickly realised that if we combined our respective IP we had a solution to address a large area of pain for insurers!
What is your start-up all about?
RightIndem eliminates claims friction, turning a claim from something that can kill customer loyalty into one that builds it.
It is a self-service claims platform delivering benefits for Insurers and policyholders. For insurers, claims cost and customer churn are both reduced. For the customer, the transparent service helps them understand their cover, then quickly, fairly and effectively manage their claim whilst repairing or replacing their damaged or stolen item.
Our first category is automotive, and we have already agreed pilots with several UK insurers including Markerstudy and Allianz as well as Farmers in the USA.
How is your start-up changing / challenging the insurance industry?
We helps insurers to deliver on the promise of putting their customer back in to the position they were before the incident/claim, we do this by empowering customers to run their claim online and enabling them to choose how they wish to be indemnified. Our initial focus is on total loss motor claims.
What’s the most difficult aspect about running a start-up?
Juggling all the different areas of running a business without all the specialist resources that are available to larger businesses.
What’s the best aspect?
The pace is both exhilarating and something you need to watch, but ultimately it’s about building a product/service that solves a real problem and focusing on how this helps insurers and their customers.
Can you describe your start-up in 3 words?
Eliminating claims friction
What are 3 key aspects do you wish you knew before starting up your business?
I’d rather not know some of the aspects like the amount of effort required – long days and nights and the rapid pace at which things need to get done, otherwise I may have decided on a different route 😉
What other insurtech start-ups are you excited about?
There are many but I don’t focus on them as I’m too busy focusing on our own business.
Do you have any advice for others who might want to venture into the start-up world?
This is not dissimilar to the journey I experienced as an athlete, it’s harder than you realise with a multitude of ups and downs, but if you stay the course and are focused, resilient and get shit done then it’s a fantastic journey!
Can you give me an example of innovation / technology that has impressed you lately?
Hololens from Microsoft, this is truly an amazing VR/AR combined offering and the capabilities for benefiting businesses are potentially enormous.
What gadget can’t you live without?
I know everyone says their mobile, but I’ll be even more specific here and say a great calendaring app (one that includes maps and contact profile for the people you are meeting with).
Can you describe the current state of the insurance industry in 3 words?
Looking ahead nervously
How can insurers be more innovative?
Without meaning to be flippant, it’s working with start-ups like us as their internal structures don’t support the speed of change that is required.
What can insurers do to make it easier for you to collaborate with them?
Two things – 1) have a dedicated innovation team that reports to the board and is empowered to deliver innovation and 2) have an on-boarding process for working with start-ups; insurers in the USA seem to be a lot more comfortable and ready used to working with start-ups (I think it’s also part of their cultural DNA for a number of reasons).
In your opinion, what is going to be the next big thing in insurance?
Aside from our own offering of helping insurers’ customers to run their claim online and choosing how they want to be indemnified? 🙂 I think the whole area of real-time data being used by insurers (telematics, wearables and IoT) for a more personalised and relevant offering is something that will deliver huge benefits for both the insurer and their customer.
What else would you be doing if you hadn’t started up your current business?
Building another start-up 🙂
Thank you, Graham, for offering us some insight into your insurtech start-up!
It looks like there’s no stopping these guys and a busy period is coming up for them. If the interview has made you curious about RightIndem, you can visit their website here. If you want to get to know more insurtech start-ups keep an eye on this space 🙂
Marketing Assistant @Ingenin