RHS 171 - Tim Hardcastle is Solving for Diversity in Insurance Product Design
b"In this episode of The Ryan Hanley Show, Ryan Hanley sits down with Tim Hardcastle.\\n\\nTim Hardcastle is CEO and co-founder of INSTANDA, a digital insurance solution for the innovative insurance professional.\\n\\nThis is one of my favorite conversations on this podcast in a long time\\u2026\\n\\nThe INSTANDA platform enables carriers and MGAs to create, build and implement complex insurance products in weeks or months. Capitalize on opportunities and be first to market while lowering overall TCO. Seamlessly integrate with your ecosystem and technology environment.\\xa0\\n\\nTim and Ryan dive deep into their entrepreneurial journeys as well.\\n\\nThis is an episode you don't want to miss\\u2026\\n\\nEpisode Highlights:\\n\\nTim discusses what motivated him to launch INSTANDA. (3:35)\\n\\n\\nTim believes that a risk perspective is important in business and that every successful entrepreneur must have the belief, passion, and drive to do whatever it takes to get the business going. (8:12)\\n\\n\\nTim mentions that they launched INSTANDA in 2016 and that they are currently in 13 countries, with 80 clients, and a large workforce in the United States. (11:19)\\n\\n\\nTim discusses what makes a real policy management system different from the old agency management system that many people are still utilizing. (26:04)\\xa0\\n\\n\\nTim explains that INSTANDA provides end-to-end service, including quotes, bind, service payment, and renewal, as well as simple claims. (30:25)\\n\\n\\nTim believes INSTANDA to be one of the few companies that innovated with agility, adaptability, speed to market, and no code narrative. (31:45)\\n\\n\\nTim discusses his observations on the insurance industry and the challenges it faces. (36:22)\\n\\n\\nTim mentions that their vision is to work with every Progressive insurer in the UK and US core markets. (37:52)\\n\\n\\nRyan discusses the distinction between growth agencies and lifestyle agencies, as well as how they leverage technology. (41:18)\\n\\n\\nTim believes that they are not the solution for everything and everyone right now, but they feel they can grow and give value to any progressive company. (46:24)\\n\\n\\nTim mentions that McKinsey Global Institute conducted a survey on insurtech and financial services and discovered that for every $1 of new revenue generated by new products, it is worth double the enterprise value of an existing core product. (49:15)\\n\\n\\n\\nKey Quotes:\\n\\n\\u201cEvery successful founder has to have their belief, their passion, their drive, to take the steps necessary to do everything it takes to get the business going.\\u201d - Tim Hardcastle\\n\\n\\u201cTo be successful, you have to be fueled by a purpose in why you\\u2019re doing it, that belief, and that comes from different places, I have it, you have it\\u2026but it's about the essence of human endeavor. And I love being in the industry, because you meet so many people that are motivated and excited by jumping that chasm, whether it's small or large.\\u201d - Tim Hardcastle\\n\\n\\u201cWe love really difficult challenges because as you've seen, the technology is flexible you can genuinely mold it, meld it to your needs.\\u201d - Tim Hardcastle\\n\\n\\nResources Mentioned:\\n\\n\\nTim Hardcastle LinkedIn\\n\\nINSTANDA\\n\\nReach out to Ryan Hanley\\n\\n\\nRogue Risk\\n\\nFinding Peak\\n\\n\\nLearn more about your ad choices. Visit megaphone.fm/adchoices"