Revolutionizing the Insurance Value Chain
John Simpson founded Patra in 2005 and has grown the company to more than 3,500 employees worldwide. Simpson is an entrepreneur and innovator with more than 20 years of experience leading technology-focused companies. He sat down—virtually—with Council president & CEO Ken Crerar to discuss Patra’s efforts in making internal systems to support the complicated needs of a service organization more efficient, and the two-way benefits of putting family first.
The commoditization of workflows is easy to automate, right? The tough part is the advisory sale. How do you automate something that requires a person to think and deal with different situations? But this is what insurance is all about; every example is different, and it continues to evolve and be different.
The advisory part is not going to be replaced with technology. Technology combined with staff expertise, will make it better. And we provide solutions that integrate technology with our experts, but it’s not going to replace the brokers’ need, or the customers’ need, for a broker to sit down with them and explain to them how insurance is going to make their life better.
It’s virtually impossible for you to have one solution that does everything. It requires people interacting with technology and little pieces of solution here and there. So you might bring in a very small piece of automation or data that helps solve a portion of the picture. And that’s what needs to keep happening. We continue to put these pieces together to get the bigger picture.
We’re zeroing in and addressing where we see some very low hanging fruit to correct, to remove, or dramatically reduce many paper or manual processes. For example, a shocking statistic for you: 65% of all certs today end up being mailed. We know that because we generate 4 million certs a year right now through our automated print shop. It’s shocking, right? Solving cert delivery sounds like a simple, easy task—just have a national distribution system of certificates of insurance. It is not simple, trust me, because you’ve got an amazing network of holders out there that are all interconnected to all the various different insurance carriers and customers, and getting all that together on one national distribution chain platform. We developed CertVault to address this issue where we’re using blockchain in our CertVault platform which is amazing and that’s been rolling out for the past year.
I figure we will be touching every holder within the next one to two years as we have them register. So that’s just one little piece of the puzzle. It is not going to revolutionize and change the insurance industry across the board. But it helps to make for a better experience for everybody.