14 Sep Golden State Insurance Solutions Receives InsurTech Award
GS Insurance Solutions of Santa Clara, California received the 2018 InsurTech Award, a prestigious recognition of an insurance agency that has best adopted and utilized technology to grow and improve its sales, marketing, and customer service in 2018.
ePayPolicy – an industry-leading payment processor based in Austin, Texas, and an IIABCal associate member, unveiled the inaugural InsurTech Award following an extensive review of an overwhelming number of applications from independent insurance agencies.
“We didn’t really know what to expect since this is our first year launching the Award,” said Todd Sorrel, one of ePayPolicy’s co-founders. “But every day we were getting more and more applications, which just reinforced our belief that great technology does have the power to change the insurance world.”
“GS Insurance Solutions is an absolute rock-star,” Sorrel said. “They ticked off every box we were analyzing.”
From cutting-edge customer relationship management (CRM) software, to utilizing internal chat systems, to getting creative with technology in an effort to remain competitive, GS Insurance Solutions from Santa Clara, California is doing it all, and then some, Sorrel said.
“I think a lot of agencies could learn a lot from them,” said Milan Malkani, Co-founder of ePayPolicy, “They’re doing a fantastic job.”
The ePayPolicy team also created an Insurance Technology Adoption Score for each applicant, regardless of if s/he won or not. The Score, dubbed the ITA Score for short, is simply a numerical rating of how well an agency has adopted tech into its business model. Once the application process was closed, Malkani sat down to crunch out numbers for the ITA Score.
“Basically, we examined each question on the InsurTech Award application and then aggregated the data from the answers,” said Malkani. “Each question was assigned a different weight depending on a few key factors like agency size and so on. The end result was an easy-to-understand rating scale from 1-10.”
“After creating the scoring system, finding a winner was easy.”