Surex with Matt Alston (COO) | E118
Blockchain securitization with built in compliance.
Summary:
In this 118th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Matt Alston, COO & Co-Founder at Surex, an online digital insurance broker that caters to home, auto, and various forms of casualty, seeking to digitize the entire consumer experience. Matt Alston explains the origin of Surex, the solutions that it provides to its users, increasing automation to compete long-term, and providing intelligent distribution.
Episode Highlights:
● 00:16 – Jason Pereira introduces Matt Alston and what Surex is.
● 00:43 – Matt Alston explains what Surex is and its history.
● 01:54 – What opportunity did Matt see that he needed to take advantage of?
● 03:33 – What exactly does Surex’s app do?
● 04:02 – What does the experience look like when applying for insurance?
● 04:58 – Matt talks about focusing on quote accuracy and working with the carriers they work with.
● 08:27 – What was the experience like with the carrier that embraced Surex the most and ones they convinced?
● 12:41 – How agreeable are carriers in updating their automation and digitizing?
● 16:18 – Matt Alston says that when it comes to disruption, ‘only the paranoid survives.’
● 20:03 – Companies need to focus on their customers.
● 20:36 – Matt Alston talks about Surex’s artificial intelligence strategies.
● 24:25 – Surex wanted to be viewed by carriers as intelligent distribution.
● 25:50 – Their advisors don’t just sell on price.
● 27:22 – What would Matt Alston change in his business or industry?
● 29:22 – What have been the biggest challenges that Matt has faced?
● 31:24 – What is the most exciting thing that he is working on?
3 Key Points
1. Surex currently covers insurance for primary homeowners, auto insurance, personal auto, tenant & condo, and they are building out landlord insurance covering rental properties, boats, motorcycles, and travel trailers.
2. Surex works with 14 different carriers.
3. 30% of Surex’s back office transactions are automated. They are trying to get that to 85%-90% over the next year.
Tweetable Quotes:
● “Surex is a digital brokerage. We operate across Canada. We’re basically nationwide minus Quebec and a couple of the provinces in Atlantic Canada.” – Matt Alston
● “We provide a transparent way for Canadians to be able to quote, compare prices, coverage, and buy online for home and auto insurance.” – Matt Alston
● “If you are quoting, say, one vehicle, one driver, it will take you five minutes to complete your quote and get your offers. Depending on the province you’re in, you will get anywhere from 6-12 different offers for insurance.” – Matt Alston
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● JasonPereira.ca – Sign up for Jason Pereira’s newsletter
● Linkedin – Matt Alston
● Surex – Website for Surex