Q&A with Adam Demos, CEO of TowerIQ
We had the opportunity to sit down with Adam Demos, CEO of TowerIQ, at InsureTech Connect 2018 for a deep dive into TowerIQ and the product it offers.
We believe as a whole, the relationships between all parties within the industry are integral and here to stay. That being said, the introduction of cutting edge technologies does put pressure on existing participants. This will eventually force innovation that improves the overall customer experience. There are many processes within insurance that can be advanced through the implementation of new technologies. Improving the purchase and servicing of policies, streamlining communication and creating new insurance products are areas we believe technology will have the greatest impact on.
At TowerIQ we focus on improving all commercial insurance from small business to large enterprise, whether that be the application to binding process or certificates of insurance. We prioritize giving the insured a modern and more knowledgeable experience while buying coverage or requesting services. On the backend of our technology, we standardize all forms of insurance data so that it can be easily ingested by carriers. This creates greater efficiency within a brokerage or agency, improves client retention and most importantly allows employees to get out from under paperwork and data entry to better serve their clients.
By digitizing many of these processes we are able to provide our partners with more analytics and insights into how their people and books of business are performing. This allows brokerages and agencies to become more targeted in their prospecting and hiring processes.
At the end of the day we want to improve the experience of the insured, brokers and carriers through more efficient use of data and communication. We are partnering with everyone from carriers, brokers, AMS systems and third-party data providers to make this a reality.
The second focus is on data standardization it’s extremely important that we keep data clean, accurate and easily ingestible. We are tackling this with a fantastic technology team that is implementing a variety of machine learning technologies at the core of our product.