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The Reinventing Finance Podcast - Episode 55 with Randel Bennett Head of Qixent
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In this episode of the Reinventing Finance Podcast, KASKO CEO- & Co-Founder Nikolaus Sühr speaks with Randel Bennett, Head of Qixent, about driving insurance innovation for startups and transforming bold ideas into market-ready, profitable products.
During the conversation Randel shares and discusses the following insights with Nick:
📍His background in insurance product design and development, and how Qixent specialises in transforming insurance ideas into profitable products by guiding clients from idea to product to profit.
📍Qixent’s process for supporting startups and established businesses:
- Providing essential insurance coverages like D&O, liability, and cyber risk for startups.
- Acting as an insurance broker or appointed representative to simplify market entry for new ventures.
- Offering feasibility studies, idea validation, and sourcing partnerships with insurers, distributors, and carriers
- Utilising Qixent’s own licences and agents to create a proving ground for clients, reducing their need to establish their own partnerships initially.
📍Client types and use cases, including:
- Startups and MGAs looking to launch innovative insurance products.
-County Mutuals seeking modernisation and growth strategies to maintain relevance.
- Non-traditional businesses in insurance-adjacent industries wanting to add insurance as a revenue stream.
📍Examples of client collaborations, including both implemented and ongoing projects:
- Developing insurance products for Hispanic consumers in the US with Spanish-first digital experiences and fair fee structures.
- Creating solutions for athletes with name, image, and likeness (NIL) value, addressing risks like cybersecurity and personal liability.
- Designing wildfire risk mitigation frameworks in California and workplace safety solutions using computer vision and wearable tech.
📍Qixent’s commercial model with the clear focus on scalability and value creation for clients.
📍 Industry challenges, like the pitfalls of cost-plus pricing models and the race to the bottom in consumer pricing, and advocating for value-based pricing approaches.
📍 Predictions about the future of insurance, including the potential disappearance of personal auto insurance as autonomous vehicles and manufacturer-provided liability products gain traction.
Check out the episode to learn more about Insurance innovation for startups and how Randel Bennett is turning ideas into profitable insurance products
#insurance #US #insuranceinnovation #insurancecoverage #insuranceindustry #insurancepolicy #businessgrowth #business #startup #businessideas #newbusiness
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