Below is our recent interview with Phil Friedman, CEO at iBynd:
Q: Could you tell our readers about iBynd and how you are driving innovation in the insurance industry?
A: iBynd is an InsurTech that has developed a one of a kind embedded distribution platform that enables rate, quote and bind of an insurance policy in real time. Our white-label proprietary platform allows easy purchase of an insurance policy from within the website of partnering companies, using the partner’s brand standards. With only a few lines of code, iBynd’s partners can embed the platform on their site for customer-direct or broker use.
The tech stack is employed across verticals and incorporates use of real-time API integrations with “A” rated insurance carriers. The platform’s use of AI delivers a simple, user-friendly experience based on questions that are streamlined and tailored to the specific customer. iBynd’s unique platform and focus on digital distribution meet the increasing demand for InsurTech solutions that provide businesses what they want, when they want, and where they want it.
Q: How does iBynd reach customers?
A: While iBynd’s adaptable platform is being used by partners for several lines of commercial business, a focus on cyber insurance is central to our company. iBynd recognized early on that there is a great need to provide small and medium sized businesses (SMBs) with standalone cyber insurance. The segment most targeted by cyber criminals, SMBs are the least prepared to respond and recover from a cyber attack. Some insurers offer general commercial policies that can be endorsed to give the impression of protection in the event of cyber attack, but most are inadequate with low limits and narrow coverage that are quickly exhausted.
Standalone cyber insurance policies are the safest way to ensure adequate coverage in the event of a cyber breach. iBynd’s platform is accessed from the website of the customer’s own bank, technology service provider, wholesaler, managing general agency, or other service provider. In under 5 minutes, the customer sees a rate and firm quote with the ability to bind, making the purchase of standalone cyber insurance quick and easy.
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Q: Any highlights on your recent announcement?
A: In this most recent announcement, iBynd once again partners with an industry leading agency and nationally recognized affinity partner to disrupt the status quo in insurance distribution. The insurance industry has lagged behind in technology, relying on antiquated paper processes and face to face interactions as the means to purchase insurance. These methods can take days or weeks to deliver insurance to businesses. In today’s fast-paced world, business owners do not have the luxury of time that these outdated methods require to find or wait for a solution that should take minutes. iBynd’s platform makes affordable coverage accessible, fast, and simple, with streamlined questions and higher limits for those who need them.
Q: What is iBynd’s mission?
A: iBynd’s mission is to make buying and selling of insurance products simple for SMBs and carriers. Our direct integrations with established carriers and continued collaboration with market leaders, disruptors, and partners will bring much needed insurance solutions to more business customers, equipping them to successfully respond and recover from risks, including the perils of cyber breaches.
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Q: What should people know about iBynd?
A: An InsurTech with founders and a leadership team who have nearly 100 years of startup and insurance experience, we are a licensed insurance agency in 50 states that offers a proprietary, embedded technology platform. Our distribution platform drives premium while serving businesses by employing iBynd’s technological innovations to deliver insurance solutions. You can learn more about iBynd and see a demo of the platform and related technology offerings by emailing iBynd at email@example.com.