IRYS is a modular management system. They seek to provide agents and brokers the open and unified platform they deserve. Andrew Daniels sat with CEO, Margeaux Giles, to learn more about how IRYS is impacting the industry.
What is IRYS’s client focus?
“We sell to the distribution side of insurance.”
What does your product do?
“We are a central software hub for insurance agencies, using AI to map relationships, identify unrealized opportunities and give immediate ROI.
IRYS features configurable workflows and tools that support seamless data integration across your ecosystem including accounting, enhancing operational efficiency all the way around.”
How much capital have you raised?
“We have raised over $13 million.”
Was the company born from within or outside the industry?
“All of the founding members have come from the insurance industry.”
What growth metrics have you accomplished over the last 12 months?
“We doubled our valuation in the last six months.”
Within your domain, what is the current challenge that the industry is facing?
“That’s a loaded question, but the largest fundamental challenge is consistent access to the right data that can freely flow from agent to carrier.”
How does IRYS take a unique approach to providing value?
“We have three, high-level value props that we’re tackling with IRYS. The first is the customer center. We moved from policy-centric software to relationship-centric software. The second one is data access and exchange. How easily are people able to access their data, and who owns that data? Can the data be exchanged between agencies, carriers and brokers? We call it dynamic data exchange (DDE). Basically, it's who owns the data and how we move it effectively across the value chain.
The third is taking a UX user-led approach to designing the software. We always put the employee and the insured at the center of the design. Instead of focusing on internal efficiencies, we focused on designing workflows that are easy to read, using words that are common vernacular and creating the software screens. We make sure both the insured and the employees in the agency and brokerage are having an experience that mirrors what they're doing outside of insurance. The reason behind that is we are experiencing a massive knowledge transfer between those who are retiring and those who are coming in. We needed to bridge the software to be able to service these people but also to bring in new people and have them co-exist in one place.”
What inspired the team to start this company?
“This was born out of desperately needing solutions to the above-mentioned problems and not having them available. In our case, necessity is the mother of invention.”
Can you share any goals for the next 12 months?
“In the next 12 months, we are focusing a lot on how to deliver AI to the distribution channel in a thoughtful and easy-to-implement way. A lot of agencies are struggling with how and where they use it. They don't know where to begin. We're going to be utilizing it inside of IRYS, telling them how to use it and putting it in places we feel are great entry points. Over the next 12 months, we have a lot of money going into utilizing AI correctly for the agent broker.”
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