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RHS 171 - Tim Hardcastle is Solving for Diversity in Insurance Product Design by Ryan Hanley

RHS 171 - Tim Hardcastle is Solving for Diversity in Insurance Product Design

from The Ryan Hanley Show

by Ryan Hanley

Published: Thu Mar 02 2023

Show Notes

Became a Master of the Close: https://masteroftheclose.com


In this episode of The Ryan Hanley Show, Ryan Hanley sits down with TimHardcastle.


TimHardcastle is CEO and co-founder of INSTANDA, a digital insurance solution for the innovative insurance professional.


This is one of my favorite conversations on this podcast in a long time…


The 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.


Tim and Ryan dive deep into their entrepreneurial journeys as well.


This is an episode you don't want to miss…


Episode Highlights:

  • Tim discusses what motivated him to launch INSTANDA. (3:35)
  • Tim 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)
  • Tim mentions that they launched INSTANDA in 2016and that they are currently in 13 countries, with 80 clients, and a large workforce in the United States. ()
  • Tim discusses what makes a real policy management system different from the old agency management system that many people are still utilizing. ()
  • Tim explains that INSTANDA provides end-to-end service, including quotes, bind, service payment, and renewal, as well as simple claims. ()
  • Tim believes INSTANDA to be one of the few companies that innovated with agility, adaptability, speed to market, and no code narrative. ()
  • Tim discusses his observations on the insurance industry and the challenges it faces. ()
  • Tim mentions that their vision is to work with every Progressive insurer in the UK and US core markets. ()
  • Ryan discusses the distinction between growth agencies and lifestyle agencies, as well as how they leverage technology. ()
  • Tim 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. ()
  • Tim 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. ()


Key Quotes:

  • “Every 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.” - Tim Hardcastle
  • “To be successful, you have to be fueled by a purpose in why you’re doing it, that belief, and that comes from different places, I have it, you have it…but 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.” - Tim Hardcastle
  • “We love really difficult challenges because as you've seen, the technology is flexible you can genuinely mold it, meld it to your needs.” - Tim Hardcastle


Resources Mentioned:

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