Just over 20 years ago, I jumped from my success in the dotcom boom into the flood insurance industry to solve some tech problems. This transition brought a lot of success with my former company, Torrent Technologies, and many friendships with insurance executives. Several of my new friends wondered why the technology available in the homeowners market couldn’t include some of the state of the art features we developed for Torrent. They told horror stories of spending millions of dollars for a stalled or derailed system build. They explained that the invoices never ended for technology that didn’t work the way it should and needed constant upgrades. They paid for IT professional services so they could keep their business running on inadequate platforms. The customer satisfaction was underwhelming across the group. While they had profitability goals to deliver to their Board, they were trapped in tech debt, and referred to by the tech industry as “big insurance companies” who could afford the bill. It just didn’t seem like the right way to do business. After all, technology is supposed to be an accelerator, not a leash.
After selling Torrent to Marsh USA, I decided it was time to help my friends with my next venture, starting with a pricing model that makes it affordable to have the latest technology. Our model doesn’t take advantage of insurance company stereotypes but pays us in correlation with our partner’s growth. Our model doesn’t monetize our lack of progress. We stay ahead of the digital trends and deploy new features and enhancements as the cost of doing business, free to our partners.
Our commitment is to think about and execute on continuous iteration, endlessly incorporating the latest technology into our platform, so our partners can focus on insurance. Our partners never have to worry about being left behind because they failed to stay competitive and relevant in the digital landscape. We are their IT team.
I hope Solstice can inspire the rest of the industry to stop putting lipstick on a pig, call it the latest technology and overcharge customers. Meanwhile, I also intend to help accelerate the growth of our partners, exceeding expectations and staying way under budget. I can sleep well at night. Insurance executives can deliver on IT promises, to their customers and Board. It’s a game where everybody wins.
Send a note to me if we can help you transform your business or if you want to share some ideas on your pain points. I’d love to hear about your needs and chances are if they aren’t on the roadmap, we’ve already solved for them.
Changing the Industry
Solstice is a software company that was formed in 2018 to focus on changing the way Homeowners and Flood insurance carriers leverage, procure, utilize, and fund technology and is leading a new paradigm shift that will change the industry forever. Solstice was inspired by and built for insurance industry executives.
The Solstice team built their reputation in the insurance industry as leaders and innovators in digital solutions. We have a proven track record of building technology to accelerate, modernize and change the future of an entire insurance sector.
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