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Before I co-founded LineSlip, I was, and still am, a real estate investor. Through investing, I got to know the commercial insurance business well. As I became closer with my broker and got to see his risk marketing process first hand, I realized that this industry was ripe for change. I saw how manual and time consuming the process is, despite the fact that the data could be easily and securely stored and then reused as needed. I saw how careful my broker had to be with naming structures on files, and even emails, to ensure he stayed organized. I saw how little collaboration there was between brokers and carriers. I knew there was a better way and so we began building a SaaS solution to ease these problems.
The first question I was routinely asked as I began sharing my idea for LineSlip was, ‘How are you different than the AMS?’ Let’s get that out of the way right now – – We are not in any way trying to replace or compete with the AMS. Instead, we complement the AMS and provide essential capabilities for the risk marketing process. We purpose-built our solution just for this part of the process. Insurance Agency Management Systems, on the other hand, were built for the back office and, unlike LineSlip, are difficult to use, require training, and don’t specialize in risk marketing.
The other gap that I saw in the industry was simple but important to me as a client. When my broker presented me with quotes, there was always a lot of work that I needed to do to understand how the quotes compared to each other and whether I was getting the best price. One of LineSlip’s key features is a quote comparison tool which takes data from the carrier quotes and automatically assembles a document so that my broker can present me with all the quote details in one place.
In the past, when I asked my broker whether I was getting the best price, he would assure me that I was. When I asked him how he knew, he would tell me, with confidence, that he knew the markets and was out in the field all day. In other words, I needed to trust him. It struck me that proof should be much more quantitative. One of LineSlip’s key value propositions is that we provide brokers access to the data they collect for benchmarking and intelligence. In an office with dozens, or even hundreds of brokers, data amasses quickly and can shed a lot of light on trends. As a client, knowing that my broker had access to benchmarking data would ease my mind.
Finally, when it comes to data security and auditing, we have taken advantage of the cloud and do something that no one is doing today. All data, files and communications around deals are automatically stored in an easy-to-access way. Want to find a file? Simply use the search bar, just like you do in Microsoft Word. This one feature should save hours of a broker’s time each month.
As we begin rolling LineSlip out to brokers, I would welcome any thoughts on our mission and product. Please reach out to learn more and share your ideas.