Melbourne O'Banion, CEO and co-founder of Bestow, is on a mission to modernize the life insurance industry. He discusses how Bestow leverages technology to revolutionize underwriting, making it faster and more efficient. Melbourne highlights the shift from direct-to-consumer sales to enterprise solutions, tapping into larger market opportunities. He emphasizes that while agents may fear technology, their roles are evolving, not disappearing, as they adapt to new tools. Tune in for insights on innovation and the future of life insurance!
27:44
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
insights INSIGHT
Full Tech Stack Matters
Building an end-to-end tech stack was crucial for digitizing life insurance.
Managing the entire process gave vital insights and control beyond just distribution.
question_answer ANECDOTE
Pivot From Carrier To Software
Bestow shifted from selling directly to an enterprise software provider.
They sold their carrier business to focus on enabling large insurance companies.
insights INSIGHT
Consumer Start Builds Trust
Starting in consumer market was essential for credibility and data accumulation.
Life insurance underwriting feedback loops are slow, requiring years to validate models.
Get the Snipd Podcast app to discover more snips from this episode
Melbourne O’Banion is Bestow's CEO and co-founder, guiding the company’s vision to modernize the life insurance industry. Melbourne is also a co-founder of BeautyBio and a founding member of Presidio Title, Texas's leading title insurance agency. He serves on the National Advisory Council for BYU’s Marriott School of Management and Southern Methodist University’s Tate Lecture Series board. Melbourne earned a degree in Finance and Ancient Near Eastern Studies from BYU and resides in Dallas, Texas, with his family.
Highlights from the Show
Founding Vision: Bestow was founded with the goal of bringing modern technology to the life insurance sector, which has historically lagged behind other insurance types in terms of digitization.
Market Evolution: The rapid modernization of property and casualty insurance compared to life insurance, emphasizing the potential for growth in cross-selling and bundling products.
Strategic Shifts: The company initially focused on direct-to-consumer (DTC) sales but pivoted to enterprise solutions, recognizing a larger market opportunity in partnering with established carriers.
Technology as an Enabler: How technology is transforming the underwriting process, making it more efficient and allowing carriers to launch products faster.
Role of Agents: Contrary to fears of agents being replaced by technology, Melbourne believes that agents will continue to play a crucial role, especially as tools become more sophisticated and user-friendly.
Future of Life Insurance: The conversation touches on the future of life insurance, with a focus on specialization and the need for carriers to modernize their offerings to meet evolving consumer needs.
Overall Takeaways
Importance of Adaptation: Companies in the insurance space must adapt to technological advancements to remain competitive and meet customer expectations.
Collaboration Over Competition: Partnering with technology providers can enhance a carrier's capabilities and streamline operations, rather than trying to build everything in-house.
Consumer-Centric Approach: Understanding the consumer journey is vital for developing effective insurance products and services.
Growth Potential: There is significant room for growth in the life insurance market, particularly through innovative digital solutions that simplify the purchasing process.
Conclusion: This episode provides valuable insights into the intersection of technology and the insurance industry, highlighting how companies like Bestow are leading the charge in modernizing life insurance for a new generation of consumers.
This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.
The Future of Insurance 