Raghav TannaTarmika

Executive Interview - 8 of 15

This article is part of a series of interviews with InsurTech Executives involved in the distribution of property/casualty insurance about their missions, how they are changing the industry, and the implications for carriers.

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Rejecting the term “InsurTech” as a descriptor for his company, Raghav Tanna, CEO and Co-Founder of Tarmika, says the term, often linked to market disruption doesn’t describe Tarmika’s business.

“Our mission is to enable independent agencies to continue to grow and be the chosen distribution method,” Tanna said.

Still, Carrier Management has included Tarmika among 15 InsurTechs to Watch that our editors identified that are involved in insurance distribution.

Here, he explains how Tarmika helps agents to survive—and grow—along with the benefits of Tarmika’s technology for insurance carriers.

1. Describe your company and its mission. What does the company do?

Raghav Tanna, CEO and Co-Founder, Tarmika

“I actually don’t like the word InsurTech because it makes people feel as if we are disrupting the market but that couldn’t be farther from the truth. We represent the current agency distribution channel, but believe there are ways to improve that model.”

Related articles:

• No Disrupters Here: Agents and Brokers Have a Future
• Reading the Tea Leaves for Insurance Distribution

Raghav Tanna, CEO and Co-Founder, Tarmika: We are a commercial lines comparative rating platform specifically designed for independent agents. A single entry into the Tarmika Bridge returns multiple quotes from YOUR appointed carriers. Our mission is to enable independent agencies to continue to grow and be the chosen distribution method.

2. Who does your technology serve? (Agents and brokers only; Agents, brokers and carriers; customers directly, etc.)

Tanna (Tarmika): Our technology is 100 percent geared towards independent agencies. We work with independent agents and their appointed carriers to streamline the quoting and customer acquisition process. Our white-labeled solution is an end-to-end service that helps obtain new business and streamline quote flow.

3. Who pays for the technology you offer? Is the cost considered commission income or a service fee?

Tanna (Tarmika): We have multiple services but the agencies pay a monthly license fee to work with us. We charge no commissions or transaction fees. As for the carriers, we just need their API documentation and we take care of the rest.

4. Are you disrupting (replacing) or empowering traditional distribution?

Tanna (Tarmika): We believe in empowering independent agents. I actually don’t like the word InsurTech because it makes people feel as if we are disrupting the market but that couldn’t be farther from the truth. We represent the current agency distribution channel, but believe there are ways to improve that model.

5. What should P/C insurance carriers know about you?

Tanna (Tarmika): Insurance carriers will see an impact with quotes to their platform. With increased visibility and exposure to classes of business that are focal points but [that] have not been getting the visibility [that the carrier] wants. Quotes from the Tarmika platform are saved in the carrier quote page for easy access to continue the bind process. Our integration is easy too. We ask the carriers for API documentation, class codes and we do the rest.

We work with both regional and national carriers, and our goal isn’t to replace their current quoting platforms but instead to enhance them. We receive consistent data into our system that gives us valuable information into carrier appetites, question sets and value to agents. We want to give some of that back to the carriers to help them make the lives of independent agents easier. We want to drive focal business classes into the carriers that thrive on those business classes. If we help them grow, we are helping agents grow as well.

6. Bonus Question: What does the future of commercial insurance distribution look like?

Tanna (Tarmika): I believe that the future of commercial distribution will follow the same lines as personal lines. If agents adopt new technology and remain the efficient means of distribution, they will succeed. If agents fail to make the buying process easy, many digital D2C markets will become much more successful. We want to help in that efficient transition into a streamlined digital distribution process.