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Alan Ringvald is the CEO of Relativity6, a best in class insurtech company solving the very specific problem of business classification. In this episode of The Ryan Hanley Show, Alan explains that Relativity6 uses a proprietary process to create a new datapoint for determining the NAICS code for a given business. Industry misclassification is a HUGE problem in the insurance industry. Don’t miss this episode…
Episode Highlights:
- Alan explains that Relativity 6 focuses only on one kind of data point for determining the NAICS code for a business. (6:53)
- Alan shares the key differences that they have, which separate them from other InsurTech companies. (11:17)
- Alan shares his background story and how he ended up in this the InsurTech industry. (14:46)
- Alan shares something they are working on that will assess a building for the last 10 years called "address only". (19:37)
- Alan admits that their technology still has limitations, like not being able to find a holding company. (24:00)
- Alan explains the changes that have occurred in the tech industry over the past 5 years in terms of privacy and security. (29:00)
- Alan shares that there is no tech company, not even Relativity6, that can replace everything or fully solve any problem. (38:09)
- Alan explains that data information in insurance if used correctly, is a strategic advantage. (45:56)
- Ryan mentions that there is a substantial population of agents that unconsciously have no intention of growing. (49:10)
Key Quotes:
- "The whole concept was, can we bring context to the table, and make it make more sense, which is why we call ourselves Relativity, which is obviously hard to say and spell." - Alan Ringvald
- "I will never say that, Relavity6, or any other type of company is fully solving any kind of problem, it's like a crazy, not real thing to say. I don't ever see that being the case." - Alan Ringvald
- "We're not here to replace the way humans think. We're just trying to automate the process that could take you forever to do and help you do that better and incrementally improve." - Alan Ringvald
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