In our latest UNBIND podcast episode, we sat down with Bobby Touran, co-founder and CEO of Rainbow, to explore how his tech-enabled MGA is revolutionizing specialty insurance programs for commercial niches. Since launching in 2022, Rainbow has been leveraging cutting-edge technology and agent-driven distribution models to enhance risk assessment and streamline the insurance process.
Rainbow stands out in the MGA space by pairing cutting-edge technology with the hands-on knowledge of independent agents. Specializing in commercial insurance for niche markets like restaurants and beauty and wellness businesses, Rainbow doesn't just use technology to streamline processes—it uses it to amplify the expertise of its partners.
Rather than replacing agents, Rainbow empowers them. The company operates exclusively through independent agents, who bring crucial market knowledge and trusted client relationships to the table. Rainbow builds tools that help these agents work smarter, offering better insights, more accurate risk assessments, and a more efficient placement process. Human underwriters still play a vital role, using data-driven tools to make informed decisions, flag inconsistencies, and interpret complex risk profiles.
By fusing continuous underwriting and real-time analytics with deep domain knowledge, Rainbow is reimagining how commercial insurance is distributed and underwritten, prioritizing both precision and personalization.
One of the core innovations Rainbow has leveraged is continuous underwriting—a dynamic approach that uses real-time data to assess and adjust risks throughout the policy lifecycle. Traditional insurance models often rely on periodic evaluations, but continuous underwriting allows insurers to monitor businesses without being intrusive, ultimately providing better risk visibility to capacity providers.
Touran explained that many reinsurers want to write more policies in complex industries like restaurants but struggle due to limited ongoing insight into operations. By integrating continuous underwriting, Rainbow enhances confidence in risk selection and improves long-term profitability. This technology doesn’t replace human underwriters; instead, it empowers them by flagging inconsistencies and providing actionable insights.
While restaurants were Rainbow’s initial focus, the company has quickly broadened its scope to other underserved sectors with complex risks—such as beauty and wellness. For instance, underwriting a nail salon that also offers cosmetic procedures requires a nuanced understanding of risk categories and regulatory considerations. Rainbow’s platform helps agents make these distinctions with confidence.
Looking ahead, Rainbow has the potential to expand into other lines like workers’ compensation, commercial auto, and E&S, applying the same principles: identify underserved markets, streamline the agent experience, and deliver smarter underwriting. Each new vertical is evaluated based on its potential for impact, alignment with agent needs, and Rainbow’s ability to create a competitive advantage through technology.
A key part of the discussion was the evolving landscape of insurance distribution, including the role of affinity programs. Technology-enabled MGAs like Rainbow are leveraging distribution partnerships to reach targeted customer segments more efficiently. Through affinity programs, insurance products can be embedded within existing networks—whether through industry associations, franchise groups, or other strategic alliances—creating a more seamless purchasing experience for business owners.
Bindable, as a leader in alternative distribution and affinity programs, recognizes the growing demand for insurance solutions that meet customers where they are. By integrating technology into the distribution model, MGAs can expand their reach beyond traditional agent-driven sales while still leveraging the expertise of independent agents who understand their clients' unique needs. This blended approach of direct distribution and agent partnerships helps streamline access to coverage while maintaining personalized service.
Touran is optimistic about the future of the insurance industry, particularly within specialty insurance. With more companies adopting technology to refine underwriting processes, he believes the industry is on the cusp of a transformation that will lead to greater efficiency and accuracy. Rainbow’s ability to blend human expertise with advanced software is setting the stage for smarter, more agile insurance solutions.
At the heart of Rainbow’s success is a deep appreciation for independent agents and the relationships they maintain with their clients. By equipping agents with better technology and underwriting support, Rainbow ensures that these professionals can continue to deliver top-tier service while gaining access to cutting-edge insurance solutions.
Bobby Touran’s insights provide a fascinating look into the intersection of technology, insurance, and navigating market shifts. If you're interested in the future of insurance and innovative underwriting strategies, be sure to take a look at the full episode!