(Bright music) – So the company is called pablow. The product we're offering is a way for vacation rental managers to be able to easily offer their guests
a travel insurance product that actually fits the guest's need as opposed to just offering
them a blanket coverage or not offering them coverage at all. – [Interviewer] So a product
that's appropriate and specific to their requirements and
sold at the right time? – That's right. Our
promise is the right policy to the right person at the right price, and the property managers
are able to do that without needing to be licensed.
It's a very heavily regulated
industry, and they can do that with our software because
we are licensed in every state of the U.S.
To sell travel insurance. It's not the sexiest product
normally, but I think the way we're using
technology and data to improve the process, I think we've
got a good reaction to that. – [Interviewer] So what
I understood is that as an opportunity or a gap
that you've spotted is that what you're saying is that
insurance generally isn't sold very well and it's
not sold at the right time, and that's the problem
you're hoping to fix. – Yeah, it's not…
Our partners are these
big insurance companies, so we're not saying that they're stupid. What we're saying is that
they don't use data very well to match the policy to
the actual context of the transaction and to the consumers profile. By matching it to the context
and the consumer profile, there's a much greater uptake because it fits what people are looking for. – [Interviewer] How did the dragons react to that proposition? – I think they could see what we're aiming to do and the market opportunity.
I guess as we develop as a
company, we'll be able to demonstrate probably more the
metrics of how it's working. We're relatively early on,
we've got some pretty good metrics, but we'll be able
to demonstrate stronger metrics as we have more
companies using the system. – [Interviewer] Why did
you come to Phocuswright as a conference to present what you're doing and what you're developing? – Well I've been involved
in the travel industry, online travel industry,
for the last 20 years. I've been to a number
of conferences before.
For us, I guess to broaden the message. A lot of the companies that we want to work with are in the travel industry. We focus on vacation rentals right now, but our technology can
be used more broadly. So from that side of things, it's good to get exposure for the brand.
And also to get feedback, talk
a bit about what we're doing. And it really helps us understand better where we fit into the market. – [Interviewer] So you're
two, three hours now offstage, what kind of conversations
and what kind of people have come up to you since
you've come offstage? – Some people have come up and said, Steve you're so handsome… No, I wish.
I think what the sort of
message I would say is people liked the presentation and that it wasn't so much of a sell type scenario, but also that they viscerally
can feel what happens with travel insurance is that
it's not matching what they want and a lot of people
don't take it up as a result. A lady just told me she booked
a vacation rental, she didn't take the insurance, and
she's got about a $5,000 bill that she's not going to be able to recoup because she didn't buy the insurance. It can really make a
difference in people's lives. That's sort of feedback that we've gotten.
– [Interviewer] And what
I can tell at the moment from your presentation,
you're already working with the big insurance
companies, so it's really distribution at the
moment that's key for you. – So we've been fortunate,
having history in the travel insurance industry,
we've been able to get contracts with companies like
Allianz and AIG, et cetera. So we've got the raw product now, and we're applying data
analytics to that to start making a noticeable
difference in the market. The distribution side of
it, and the sell side, this is probably, as a startup,
is our biggest challenge, is how to close a sale and start getting some big customers using our platform.
– [Interviewer] Thanks for your
time and best of luck Steve. – Thanks very much! (Bright music).