Our new Meet the Insurtech Founder series gives you a look into the minds of the executives guiding these tech-forward companies.
Insurtech founders and leadership are encouraged to reach out to potentially be featured in the series,
Who are you and how did you come into your leadership position?
I'm Tom Young, the founder of DataCrest. I'm a multi-business entrepreneur, who has worked at two MGAs before starting my own agency, and was a partner at a multi-national insurance broker.
What advice would you give to other insurtech leaders, or to yourself five years ago?
Listen to the stakeholders first, then move quickly once you understand what they want and need.
How do you see AI changing insurance over the next five years?
I envision a better way than the antiquated industry deal flow and customer support that continually frustrates all involved. I'm confident today's tech-savvy insurance professionals and insureds are becoming rapidly ready for innovation, and that in the next five years we'll see those results in action.
What is the biggest opportunity for insurtechs over the next 6 months?
To combine industry knowledge and tech innovators to improve the insurance buying and selling experience. We're at an inflection point for ease of doing business being the differentiator.
What is the biggest mistake insurtechs make these days?
Lack of market understanding. They need to take more time to understand the end users' problems before starting to solve for them.
What is your primary line of business?
P&C insurance submission support.
What's the origin story of the company?
Trying to cater to the marketplace, I assembled a group of insurance and technology professionals to ensure growth and success. I built this company as its first customer after discovering the external solutions for inefficiencies I was seeking to solve did not exist. I created DataCrest with a combination of industry knowledge and tech innovators to improve the insurance buying and selling experience for all stakeholders.
When was it founded and/or when was the product launched?
2021
What pain points is the technology trying to solve?
The goal is to make the insurance purchasing process easier, cheaper, more efficient and accurate for the client, agent and insurance carrier.
How many employees does your company have?
Six.
Where is the company based?
Chesterbrook, Pennsylvania.
