In an interview with CIO Applications, Kurt Burr, President of RIT speaks about the changing InsurTech arena and how it can be efficiently navigated using the RIT platform.
In your interactions with CIOs of leading companies, what sense do you get of the challenges they face now in the InsurTech Solutions pace and how is RIT effectively addressing these issues?
CIOs are constantly being bombarded with new technologies promising the world but requiring a large investment in time and resources and often with shrinking budgets. In addition, the success of their company may hinge on their ability to deliver new solutions quickly to help increase sales and/or reduce costs. RIT enables our channel partners to start immediately without any integration, up-front costs, or ongoing service fees. We are resource and budget-friendly and bring instant value by allowing our partners to start immediately. In fact, in most situations, we only need to interact with IT for a brief period, and most of our energy is spent discussing sales strategies with our partners.
Tell us about Revolution Insurance Technologies and its varied offerings. What benefits does the RIT platform provide to its customers?
RIT offers a cloud-based, turnkey sales platform for high-volume call centers in the consumer insurance space. The intuitive platform serves as a seamless interface that oversees the complete customer transaction. The RIT insurance platform reduces the turnaround time for our customers with its new products having API connections with carriers. The combination of features available on the platform aids distribution channels in adapting to any enrollment medium—face to face, web, or call centers—with a variety of applicant verification options, including SMS, digital, and voice signature. The streamlined platform handling insurance, sales, and HR-related activities enables users to increase sales with minimal effort, which, in turn, increases the revenue generated by the customers.
The RIT Individual platform serves as a stand-alone enrollment tool that completes the enrollment process in a few simple steps.
RIT stands apart from other players in the InsurTech arena with its ability to tackle issues faced by both agents and customers cost-effectively
On the other hand, the RIT Group platform includes financial retirement management, employee benefits, and life insurance for employees. It provides more employee benefits options than other solutions in the insurance arena while updating the enrollment process to meet consumer needs. The platform offers cloud-based solutions to serve as a comprehensive suite of tools for employers, simplifying the process of onboarding new employees, managing existing ones, and offering a single destination to employees for their human resources information.
With our solutions, clients witness a 50 percent reduction in the sales effort, which results in twice as many customer conversations, 50 percent increase in signed contracts and 50 percent increase in product sales per customer.
Tell us about the process of onboarding new customers. What features and benefits does the RIT platform provide to them?
The cloud-based RIT platform is easily customizable and completely turnkey. We deliver a comprehensive product portfolio by connecting with partner APIs. RIT then integrates customer solutions into its product logic engine, which cuts down the uncertainty involved in delivering the required insurance offerings to the right customers. The product logic engine ensures that the easy-to-use and flexible solutions insurance offerings accelerate revenues and reduce sales efforts while adhering to regulatory compliance requirements.
What are the distinguishing factors of RIT that give it a competitive edge over other players in the market?
RIT is a technology company founded by veterans in the insurance industry, as a result of which, our product offerings have been designed with knowledge of existing challenges in the insurance arena and are directed to fill market gaps. We stand apart from other players in the insurance technology arena with our ability to tackle issues faced by both agents and customers cost-effectively. Instead of being an expensive solution vendor, RIT collaborates with the customers using our pay-for-performance based revenue-sharing business model. Our efficient in-house team also handles issues faced by customers on a timely basis, leading to better user experience.
Are there any customer success stories that you can share with us?
A major insurance carrier operating on a legacy sales system was aiming to increase its revenues by offering supplemental insurance products. The company lacked the necessary IT resources as well as the budget essential to add the products into its sales system. At this juncture, we stepped in and offered to onboard the new products on our platform while integrating into their legacy sales system under our partnership model. The client partnered with us without additional upfront costs or ongoing service fees and required minimal resources for the integration process. The use of the RIT platform simplified the quoting, payment, and binding process, which resulted in over $30 million in sales in the first year alone. The insurance carrier benefited from RIT’s technology with minimal investment and without additional IT resources.
What does the future hold for the organization? Tell us about your footprint expansion plans or platform enhancement strategies.
We are introducing turnkey marketing solutions into our platform in early 2019. With these solutions, we are aligning more closely with our partners in increasing not only their revenues but also their sales leads and marketing on our proprietary platform. We will utilize artificial intelligence in integrating a recommendation engine into our sales platform, which will further reduce sales effort while fueling add-on sales. Besides, having launched our platform into the oft-bypassed arena of the cannabis industry, we expect a substantial increase in business from our insurance offerings.
A recent study by shows that there are currently 3.9 million Americans working in the on-demand economy and forecasts that this number will grow to more than 7.7 million by 2020, and surge to 9.2 million in 2021. Moving forward, RIT expects on-demand insurance to become a necessity. Our targeted insurance solutions are expected to meet this market need as it rises.