On the eleventh installment of our See It to Be It podcast series, Amy C. Waninger speaks with Bobbie Shrivastav, co-founder and CPO of Benekiva, about her personal journey that led to the insurtech industry, and Bobbie graciously shares where she goes for support among other women and people of color in the insurtech space. 

Connect with Bobbie on LinkedIn, Twitter and Instagram.

Find out more about Benekiva. They're also on LinkedIn, Twitter, Facebook and Instagram.

Find out how the CDC suggests you wash your hands by clicking here.

Help food banks respond to COVID-19. Learn more at FeedingAmerica.org.

Visit our website.




TRANSCRIPT

Zach: What's up, y'all? It's Zach with Living Corporate. Now, look, for those of y'all who are new here, the purpose of Living Corporate is to create a space that affirms black and brown experiences in the workplace, right? There are certain things that only we can really understand, and when I say we I mean the collective non-white professional [laughs] in corporate America. And when we look around--if you, like, Google being black and brown in corporate America, you may see, like, a post in Huffington Post or something that kind of communicates from a position of lack, but I don't know if we necessarily see a lot of content that empowers and affirms our identity and our experience, and that's really the whole purpose of Living Corporate. It's with that that I'm really excited to talk to y'all about the See It to Be It series. Amy C. Waninger, who has been a guest on the show, who's a writer for Living Corporate, and who's also the author of Network Beyond Bias, she's actually partnered with Living Corporate to actually have an interviewing series where she actually sits down with black and brown professionals so that we can learn about what they actually do and see ourselves in these roles, right? So it's a variety of industries that she's--she's talking to a lot of different types of folks. You're gonna be able to see what they do, and at the same time you're gonna hopefully be able to envision yourself in that role, hence the title See It to Be It, okay? So check this out. The next thing you're gonna hear is this interview with Amy C. Waninger. Y'all hang tight. Catch y'all next time. Peace.




Amy: Bobbie, thank you so much for joining me. How are you today?




Bobbie: I'm doing good, Amy. How are you?




Amy: I'm doing great. I was hoping you could tell me just a little bit about your company so that we can sort of level set on what the heck is insurtech anyway.




Bobbie: So a little bit about my company. I'm co-founder and chief product officer of Benekiva, and our entire mission for our company is to bridge the gap between the carrier, the policy holder and the beneficiary, and we do that by offering carriers--right now we're focused on life and annuity--organizations with claims automation, asset retention and data management.




Amy: And so for the people who aren't in the insurance industry or don't know a whole lot about life insurance, let's break that into plain English. So you're trying to solve the problem--I'm gonna put words in your mouth and you correct me if I'm wrong--you're trying to solve the problem where someone dies and they have a policy and their beneficiaries maybe don't know that that policy exists or how to get to it, and you're trying to help people get the money that they deserve based on those policies being in effect, right?




Bobbie: So yes, so--it's actually six-fold, 'cause our--we have six different modules that we've created, but before I go into the six different modules, success for our company is when a beneficiary has just received a check that they had no idea was coming. For us, that is what we are striving towards. Our foot in the door is through claims, and what we've learned by just interviewing and just statistics alone is that the claims process is simply outdated, so we have a 100% digital claims solution that also includes moving the money if the carrier wants to. So that's our first module, then we have modules that allow carriers to track their unclaimed property in the shipment [logs?], Bene Retention is taking the claims process and giving the ability for the carriers to serve the beneficiaries by using their sales [force?]. The module that you talked about, which is Bene Update and Bene Notify. So what we want to do is Bene Notify is when a triggering event happens--and unfortunately in life it is a death, death is a triggering event, that's when we want to notify the beneficiary. But on the update side, what we want to encourage carriers is how do you create that engagement with the policy holder so that we're getting that Bene information ahead of time? So you're not--right now if you look at carriers and how they're trying to find beneficiaries, Google is their best friend. How do we make Google not their best friend? 'Cause they can't find these benes, so they're looking online, they're look at obituaries. It's just a manual process to just find a beneficiary. 




Amy: Yeah, you would think they would've had that under control years and years ago, but good for you for putting all those pieces together.




Bobbie: Oh yeah, and we've heard horror stories, even on the carrier side, where their bene information is still in file folders. So it's not--they've not even done the transformation to get some of the information online. So yeah, it's a huge problem, and we are very excited to solve it. So that's what, you know, drives us every day.




Amy: That's fantastic. So can you tell me--how did you get into this space? Because obviously you're solving a problem that's never been solved before, and something led you here, so what was it?




Bobbie: So it's an interesting story. So in 2016 I was working on a startup with Soven, who's one of the co-founders of my original startup and Benekiva, and he's also my husband. So both of us had this startup around digital--it was a digital documentation and e-signature platform, and he has roots in Iowa, so we--his parents were coming from Nepal, so we decided to go visit them, and my key was, "Hey, we're beta testing this product." And the product is Docsmore. I'm not sitting there and hanging out with family. That's great, but I also want to do some business development and just see what the Des Moines area looks like--'cause we live in North Carolina. So that's what led us to meet Brent, 'cause we had reached out to several people, and there was one person in particular we met, and she was Brent's client, and Brent Williams was a financial advisor, a very successful financial advisor--250 million assets under management--so he met with us, and he initially thought--when his client heard about what we were trying to do she's like, "This is interesting. You should talk to Brent, and let me do the introduction," so it was once again that networking. It was so cool. So we met up with Brent, and Brent thought he was telling us about financial advisory 'cause of our corporate backgrounds. He was like, "Okay, they look like good couples. I can help serve them," and the entire conversation--this is when Soven's like, "We're more interested in learning about your startup. What is it?" You should have see Brent's eyes. He just, like, "Oh, my gosh. I gotta share about this insurtech startup" that he was starting, and it was--as a financial adviser, he has gone through the claims process with this policy holder's loved ones, and he's seen the breakdown from the insurance--like, from an advisory angle, and that's when we fell in love with the problem. He was looking for innovation and tech folks to jion the team, and Soven and I had just bought life insurance policy because we--my child right now is 4, but at the time she was 1 and we just bought a life insurance policy. I'm like, "Are you telling me there's, like, a two-thirds chance that policies don't get claimed?" And she may be one of them. So we're gonna go--we're gonna go solve this problem. So that's how we connected back in 2016. That's when Benekiva was born.




Amy: That's awesome. So you actually have a tech background, not an insurance background?




Bobbie: I have a tech and financial services background.




Amy: Okay. Also--




Bobbie: Insurance is brand new, and I kind of immersed myself when I met Brent.




Amy: That's neat. Yeah, a lot of people in insurance don't get there on purpose, right? They kind fall into it, and that's okay. We'll keep you. 




Bobbie: I love it so far. It's been amazing to find people like you and Tony and others that--it's been a great community of people, so I feel so welcomed.




Amy: Good, I'm so glad. So what's been the biggest surprise to you about starting this venture in the insurtech space?




Bobbie: So initially the town that I live in and our startup community, I'm the first insurtech startup in our area, in Winston-Salem. There's not many, and if there are they're hiding 'cause I've not seen anybody. 




Amy: Startups that hide are usually not very successful, by the way.




Bobbie: So when I talk to folks about Benekiva in our local community, they were like "Yeah, that's not a problem. That's not a problem that needed to be solved," and I was like, "How can you say that?" And it's because they don't work in insurance. They've never been in the insurance--they don't understand the value chain. So I came in with the bias that yes, we are solving this problem, how will the market react when we launch? And we literally thought it was going to be this short, steady ride, we'll have this, like, really, really [?]. It's just gonna be just new. It's gonna be a long several years before we can get some good traction, and we have been blown away, and that's been the biggest surprise. So we know now, like, that kind of is confirmation. Like, we did so much research so we knew that there was a problem, but the fact that the market and the carriers and the supporters