The underwriting space is rife with competition. Numerous startups, M&As, and the proliferation of new technology/automation mean consumers have more options than ever before when choosing how they purchase their insurance policy. With competitive pressure increasing across the board-the onus is on insurance providers to find new ways to deliver value and retain customer loyalty.
Vailo Insurance Services joins the frenzy in 2020, promising to merge good ol' fashioned underwriting street smarts and strong partnerships with cutting-edge technology. The new venture is led by three industry veterans, Jeff Hart, Tommy Truong and Bruce MacKinnon.
Their latest initiative builds on the team’s combined 100+ years of experience and takes aim at larger, slower-moving competitors now struggling to meet the rapidly evolving expectations of today’s digitally-savvy brokers and consumers.
“Being a startup allows us to reimagine how we engage with the market without being tied to legacy systems and processes. We’re being very intentional about how we set up our operational structure to provide us with a competitive advantage,” says CEO, Jeff Hart.
Armed with underwriting capacity, the firm will use its technologies, data and insights to enhance the underwriting process to achieve a holistic view of risk and employ superior risk selection. At the outset, Vailo will focus on BC business through contracted brokers, before executing its long-term strategy for expanding operations across Canada.
While technology remains an integral party of Vailo’s competitive advantage, Co-Founder Tommy Truong is quick to highlight the company’s commitment to only hiring experienced talent: “Technology has gone a long way in creating efficiencies and helping inform smart policy, but it’s no replacement for cold hard experience. I think our mix of digitally-forward underwriting processes and vetted talent are a recipe for success in our ability to help our broker partners.”
To learn more about Vailo Insurance Services, or for career opportunities, visit www.vailo.ca.