Electronic Chat with Andrew Mauritzen, CFO and Head of Insurance Industry, Exactuals
Laura Mazzuca Toops | November 16, 2020
Electronic Chat with Andrew Mauritzen, CFO and Head of Insurance Industry, Exactuals
Exactuals is a SaaS payments, data analytics, and reporting platform. Exactuals is a leader in the payment of residuals and royalties to the entertainment and music industries, and recently entered the insurance industry for the payment of commissions, claims, and vendors. Exactuals is an RBC / City National Bank company.
Please tell us a little about your professional background and how you made the transition to a business that focuses on insurance.
About a decade ago, I was an investment banker where I worked closely with insurance company investment teams. Through those relationships, I learned a lot about how they view risk relative to their core business. I was also lucky enough to have a mentor who was an executive of a large reinsurer who opened a door for me to an industry that is so ubiquitous in our everyday lives yet flies under the radar to some extent. From there, I joined a specialty insurance distributor as CFO/COO and then moved to the insurtech side a couple of years ago.
Exactuals is known for payment to the entertainment and music industries. How did the company make the jump to paying insurance commissions?
I saw a demo of the Exactuals platform before I joined and quickly realized that the entertainment residual and music royalty payments that Exactuals was electronically facilitating were very much akin to producer compensation and commission payments. The team had also solved a problem the insurance industry faced with producers, updated and electronically available compensation statements and tax docs. Since joining Exactuals, we’ve built out our functionality to include claims and vendor payments along with commission and refund payments, all through our white-labeled, SSO-enabled payor and payee portals.
What is unique about the insurance transaction that makes it a good fit for Exactuals’ services?
Insurance payments are complex, and that’s where we shine. Our cloud-based platform sits on top of legacy systems and can be customized and configured to a user’s rules. Another issue facing insurance carriers is the need to move away from paper checks to bring down expenses and provide a modern policyholder and producer experience. Our payee portal, which offers self-registration and the flexibility for the payee to determine their payment method, facilitates both of these goals. Lastly, security is on everyone’s mind right now. We hold all of the sensitive PII data on behalf of our clients in a secure vault, are SOC 2 Type 2 + HIPAA compliant, and are further beholden to stringent OCC banking oversight due to our corporate parents, City National Bank / RBC.
What are the unique technologies that enable Exactuals’ functions?
We have built our entire platform with modern, web-based tools. Without getting too deep into the weeds, we are an AWS back-end with Node.js and AngularJS driving our front end. This gives us the flexibility to be extremely responsive to the market’s needs for the platform’s evolution with a growing API set while still understanding that certain partners will need a tried-and-true, SFTP-based, flat-file data exchange. It’s the best of both worlds in that we can deliver a modern system while not forcing the partner to upgrade their legacy infrastructure if they are not ready to do that just yet.
Does Exactuals have plans to expand into other businesses besides entertainment, music and insurance?
Yes, we do. We’re looking at several use cases, some examples of which include reinsurance payments, online marketplaces, book publishing, mortgages, escrow, and partnership payments, to name a few.
How do you see Exactuals fitting into the overall insurtech landscape?
I see us as a best-of-breed payments system and modern, online portal for enterprise users, like a carrier, but our platform is equally compelling for captive agencies, MGAs, brokers, TPAs, and health insurance physician networks. Within the insurtech landscape, we’re open to partnerships where a modern payments solution and online portal would bring immense value creation. This might include core platforms, digital insurers, claims solutions, AMS providers, etc.
What are your plans for the company over the next year?
Over the next year, we look forward to onboarding clients from various niches within the insurance landscape so we can fine-tune and grow the tool-box available to them. We also plan to build out connectors to at least one of the large P&C core platforms. We’re always seeking to improve our client experience and value proposition, whether via technology or customer service, and it’s always part of our growth plan.
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The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
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