In today’s insurance industry, brokers and agents are facing challenges with inefficient back-office processes and labor-intensive accounting procedures, which are resulting in substantial revenue loss. San Francisco-based insurtech company, Comulate, aims to address these issues with the launch of their revenue automation and intelligence software for large insurance brokers and agencies. This innovative platform has the capability to automate time-consuming direct bill processes, thereby reducing manual workload by up to 90% for broker accounting teams.
By integrating with major AMS, CRM, and ERP systems, the software can identify missing commissions, track variance, and offer real-time forecasting to ensure ‘revenue integrity.’ Jordan Katz, the co-founder and CEO of Comulate, emphasizes that the software is designed to alleviate the revenue challenges faced by broker and agent leaders, providing them with accurate forecasting and visibility into their commissions. Additionally, Katz discusses the evolving role of insurtech companies and highlights the significance of empowering brokers and agencies through technological solutions.
Contrary to the initial phase of insurtech, which primarily focused on direct-to-consumer innovation, Katz believes that the core distribution system for insurance involving intermediaries, such as brokers and agencies, is ‘stronger than ever.’ He points out that while ‘Insurtech 1.0’ aimed to eliminate intermediaries, the current opportunities for insurtechs lie in enhancing efficiencies and infrastructure for these key players. Katz underscores the potential of AI automation and software to streamline interactions between various intermediaries, eliminating manual work and enhancing operational effectiveness.
Our Perspective
As a digital consulting company, Pinnacle Digital Advisors acknowledges the significance of leveraging innovative technology to empower brokers and agencies in the insurance industry. Comulate’s solution offers a consumer-friendly and progressive approach to addressing the challenges faced by broker and agent leaders, aligning with the evolving landscape of insurance operations.
Pinnacle Digital Advisors
This article originally published: [https://www.insurancebusinessmag.com/us/news/breaking-news/insurtech-on-a-mission-to-plug-broker-revenue-leaks-449578.aspx]