091: Challenges Faced by a Small Intermediary with Janthana Kaenprakhamroy, Tapoly UK

Changing the Conversation: The People in Insurance

Are you hoping to start a new business, or have you already begun? Are you concerned about the challenges facing new small businesses and start-ups in the current socioeconomic climate? How will technology reshape the future of our industry, and how can we prepare for that transition?

In this episode of the Insurance Broker Podcast, we are very pleased to be speaking with Janthana Kaenprakhamroy, CEO and co-founder of Tapoly, an Insurtech platform for micro-SMEs and freelancers. In conversation with Boston Tullis’ Sarah Myerscough, she discusses the origins of the business and its progress over the past six years despite the various challenges of COVID and Brexit. She also touches upon how technology is already dramatically altering the insurance market, and how the need for operational efficiency necessitates a greater reliance on the digital streamlining of data.

Quote of the Episode

“I think technology should be and is on everyone's agenda right now. And the reason for that is because there are new regulations coming out that prevent insurance companies from making more money or setting their own prices. So, we are limited in terms of what we can charge the customer [due to] the increase in loss ratios. And therefore, the profit margin for selling insurance today for everyone in the industry is very, very low. And that means that operational efficiency is becoming a big thing. That's the only thing you can do. If you can increase your price, you have to reduce your operating costs in order to maintain the same level of profits, net profit, I mean, and technology can help this.”

As profit margins become increasingly slim in the face of the hard market and the broader evolution of the insurance industry, the elimination of operational inefficiencies is becoming absolutely essential. Our industry’s heavy reliance on data necessitates the use of technology which can identify the necessary information and align it with a suitable policy for prospective clients. The emergence of AI and machine-learning is rapidly improving the accessibility and reliability of this technology, and Janthana suggests that it will soon become a necessity in order for firms to remain competitive.

Key Takeaways

Janthana argues that the future of insurance will be a huge departure from the industry as we know it today. The transition to digitisation will facilitate the accumulation of data, which can enable the progression of machine learning and automation of administrative tasks. She suggests that it may soon be possible to access software that can predict what type of insurance cover, and at what level you should have without any suggestions needing to be made, so long as correct data is inputted.

In establishing and running a small intermediary Insurtech business during Brexit and COVID, Tapoly was repeatedly forced to pivot in strategy. With capacity pulling out during the pandemic, and the retreat of investors who have only more recently begun to return, the business was faced with challenging circumstances. However, Janthana and the company persevered, in the knowledge that they had tapped into a unique area of the market with a good idea. Thus, if your business is facing challenges, you need to give it time, especially if faced with disadvantageous circumstances as Tapoly was.

Furthermore, through the experience of the pandemic, Janthana learned more about the type of person and businesswoman that she is. Having previously believed herself to be an extrovert, she learned to value her personal time, and to recognise that being alone is essential for her to recharge. As such, we should all take the time to be introspective, to learn what types of scenarios refuel us – for some it is being around others, and for others it is to be in one’s own company. A healthy amount of personal time will help you to excel at work.

Best Moments/Key Quotes

“During COVID, we saw a lot of investors pull out of the market, because insurance and Insurtech is probably ranking as one of the riskiest business [types] to invest in. I think the stats are that before COVID, one into two start-ups died in insurance and Insurtech. But during COVID it was nearly 75%.”

“By building a data driven platform that automates most of your processes and reduces the number of man hours, that is the way going forward. That kind of digitization would also allow us to gather, collect and use better data. And that data in future will have even bigger scope for automations.”

“When you start your own company, there isn't really the end of the day. So, I could marathon working for weeks, without even taking weekends off. And during COVID this became apparent. I learned about my personality type. For nearly the entire lockdown, I was so happy not to meet anyone. I was happily working from home without talking to anyone. And that is very unusual. I didn't know that about me. So self-isolation, apparently is my habitat.”

Resources

The Future of Insurance Volume II. The Startups by Bryan Falchuk

Tapoly - https://www.tapoly.com/

About the Guest

Janthana Kaenprakhamroy is the CEO and co-founder of Tapoly, which provides technology solutions for micro-SMEs and freelancers in the insurance industry. She is listed at number 6 in Forbes’ Top 100 Women Founders to Watch.

Janthana’s LinkedIn Profile: https://www.linkedin.com/in/janthana-kaenprakhamroy-0b73546b/

About the Host

Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of marketing experience and a fresh perspective on marketing in the insurance sector. Boston Tullis works with insurance brokers to offer solutions to business development ceilings, particularly in the rapidly developing fields of video marketing and thought leadership.

Website: https://bostontullis.co.uk/

Evaluation Link: https://s.bostontullis.co.uk/s/podcastevaluation