Revolution Insurance Technologies (RIT): Bridging Carrier-Distributor Process Gaps

John Warren, VP of Technology & Product Distribution, Revolution Insurance TechnologiesJohn Warren, VP of Technology & Product Distribution
During his years serving as a senior leadership executive at a prominent insurance carrier, Jay Drucker—who now serves as the VP, Product and Business Development at Revolution Insurance Technologies (RIT)—had experienced the pain points associated with the lack of a robust framework that could seamlessly bridge the process workflow and interfacing gaps between his company’s products and corresponding distributors. The predicament, as it turns out, was universal in the insurance realm, and Drucker had no second thoughts on being part of the RIT team to address the issue.

Carriers resorted to outdated enrollment platforms and methodologies that proved to be slow and difficult to manage. On the other hand, distributor entities—that deal with multiple carriers and products—were faced with the herculean task of managing siloed interfaces and processes on behalf of their customers. Add to that, the cumbersome sales, after sales/enrollment processes, customer service, and lack of tools for streamlined process execution, and the friction from such manual overlays holds back agents and consequently, carriers at multiple levels from improving their customer acquisition, administration, and service delivery.

“Our platform is carrier and product agnostic; we have the ability for a broker to sell multiple products across multiple carriers via a single enrollment processes. From a carrier perspective, we do not charge any upfront costs or fees to add their products to the platform. There is also zero cost to the brokers We’ve had carriers come to us and say that our platform increases multiple product sales by as much as 45%,” says John Warren, VP of technology and product distribution at RIT. Alongside Drucker and Warren, Eric Bergquist, the company’ CTO is also a veteran of the insurance industry holding extensive knowledge the space. In Effect, RIT’s platform can be regarded as the materialization of the experience and expertise of its senior leadership executives.

From a carrier perspective, we do not charge them we do not charge any upfront costs or fees to add their products to the platform. There is also zero cost to the Broker

Interestingly, the user community has nicknamed RIT’s platform as “agent intuitive.” An issue for brokers is that if they have a favorite accident product from carrier XYZ, and a critical illness product from carrier ABC, while the dental product is from carrier MNOP, then each of those carriers is going to need the same credential data. With RIT’s platform, if these fields have already been captured, and shared across both products and carriers. Also, “regardless of carrier and product, the customer information and product details are always served up in the same way, even at their fingertips, through smartphones,” adds Drucker. “Agents or call center staff no longer have to go to disparate locations to retrieve them.”

For the national insurance carrier, who neither had the technology high grounds nor a robust distributor base to distribute their product, RIT’s platform turned out to be the silver bullet to all their predicaments. Furthermore, the carrier was able to leverage the industry expertise that RIT’s team had, to even develop their product—a feat which would have been impossible for other new “tech-only” solution providers.

The growth trajectory and adoption rate of RIT’s platform speaks of its popularity in the space. The platform was chosen as the exclusive distribution outlet by a major Fortune 500 Insurance Carrier for their AME, CI, and AD&D products. By the end of 2016, RIT’s platform enabled the insurance carrier’s sales to achieve a run rate of $5 million per month, as opposed to the meek $1 million mark in 2015, with their homegrown platform. In 2017, when the carrier strategically withdrew from the U.S. domestic A&H market, the top three of its distribution partners who accounted for about 80 percent of the insurance giant’s business, swiftly on-boarded the RIT platform to fill-in for an impending void in sales. Today, the RIT platform houses multi-product carriers with full menus, individual supplemental products, dental, vision as well as ID theft and telemedicine products.