Insurance is constantly being transformed by the advent of new technology, changing buyer preferences and behaviors, new products, mergers and acquisitions, and new non-insurance entrants. To remain competitive, all industry players must rethink their strategies to focus on better customer experiences that are innovative and more efficient. Through modernized offerings, industry participants are accelerating the adoption of multi-channel distribution models to meet consumers where, when, and how they like to shop.
According to PwC, 79 percent of insurance executives already believe they will “increasingly engage in ecosystems that serve broad needs of customers, where insurance is only part of the customer value chain.” Meanwhile, our own research this year showed that 64% of consumers would leave their current insurance company for one that offered greater convenience and 65% of consumers are willing to purchase insurance from a non-insurance brand.
This research confirms that there is a clear and distinct penchant for alternative distribution, and Bindable’s progress in 2021 reflects our position as a leader in advancing these strategies within the insurance industry. In fact, we’ve had a record year and I’ve never been more excited about the potential for Bindable, and more importantly, our growing list of partners.
2021 - an inflection point for Bindable
As a provider of flexible, scalable digital insurance solutions, Bindable responds to the exigencies of insurance players to establish or supplement insurance selling relationships. This year, we combined our proprietary technology platform with a proven digital agency and affinity model to create a full-stack Insurance-as-a-Service platform (IaaS), enabling new entrants, adjacencies and trusted brands to quickly enter the insurance business. Our best-in-class virtual agency offering is a result of the perfect combination of technology, more than a decade of branded sales services, and a carefully curated suite of digital products.
The industry has quickly embraced our flexible approach, resulting in some key highlights for our company in 2021:
- Our number of partners has doubled, including contracts with some of the largest and most respected insurance companies and brokers in the world
- We’ve implemented extensive enhancements to the platform, adding more bind online products, carrier integrations and agent tools
- Our technology partners have launched hundreds of new sites for their own partners through API integrations, custom marketplaces and integrated agency solutions powered by the Bindable platform
- New IaaS partnerships with leading brands, insurers, and affinity groups have accelerated the profitable growth of our digital agency
- In April, we formed a strategic partnership with iptiQ by SwissRe, making them a minority investor, reflecting a shared goal of helping insurance carriers and agents expand their distribution channels across the US
- The Bindable team grew by 50% in fewer than 12 months, and we added key hires in several leadership positions
- We launched the UNBIND with Bindable podcast hosted by Jocelyn Getson, Bindable's Chief Growth Officer
Most importantly, the Bindable team delivered! Our continued growth brings all of the challenges you’d expect, but this amazing team honors its commitments and does so professionally, respectfully and always with kindness. We hire nice people, which I strongly believe goes a long way in helping each other succeed professionally and grow personally, all while having some fun in the process.
Bindable’s role in the Ecosystem
I am often asked what role Bindable plays in the insurance space and my response is quite simple - we provide distribution advantage. Our proprietary platform enables insurance providers to quickly and efficiently grow their businesses through alternative channels and product diversification.
As the InsurTech space continues to evolve, carriers and brokers will need the digital tools to compete for preferred customers by embedding offers during relevant moments or by partnering with and enabling trusted brands to deepen customer relationships through insurance products. The Bindable platform breaks down barriers to customer acquisition for insurers, agencies, brokerages, and trusted brands alike, enabling them to create experiences that better meet the expectations of the modern customer.
It’s only the beginning
Since our beginning, Bindable has been built for alternative distribution, and the evolving market has created enormous potential for our business partners. Our growth in 2021 is indicative of a transformational shift in the way insurance is bought and sold. Insurance organizations who have invested in Bindable’s digital insurance offerings now have a substantial competitive advantage when it comes to meeting the ever evolving needs of consumers.
As we begin 2022, we intend to extend our expansion with more carrier and product integrations, enhance our services by continually improving the customer experience, and hire even more top-notch colleagues to help drive our success.
We are grateful to our business partners, carriers, agency customers, investors and team members for their support and contributions to Bindable. I truly believe the best is yet to come for not only Bindable, but for the insurance industry as a whole. Best wishes for a healthy, productive and peaceful New Year!
Interested in learning more about the changing trends in insurance purchasing? Check out our research here!