Stere is a digital platform dedicated to providing insurers with the technological foundation to adapt and thrive in a rapidly changing market. They aim to modernize how businesses integrate with the insurance ecosystem. Michael Fiedel sat with its Head of America, Tobel Thomas, to learn more about how Stere is impacting the industry.
What is Stere’s client focus?
“Stere’s digital platform serves insurers and a diverse range of distribution partners including MGAs, brokers, wholesalers, digital brokers and direct-to-consumer channels.”
What does your product do?
“Stere is a digital platform that empowers insurers and distribution partners to rapidly create and launch insurance products through streamlined APIs, automating underwriting, issuance and payments with minimal human intervention.”
How much capital have you raised?
“We have raised $7.5 million in funding and are currently in the growth stage between seed and series A rounds.”
Was the company born from within or outside the industry?
“Our leadership team is a hybrid blend, predominantly of seasoned insurance professionals with proven success in underwriting, leadership, customer experience and scaling operations.”
What growth metrics have you accomplished over the last 12 months?
“Operating in North America, Asia and Latin America, our client base now includes over 20 embedded partners and 10 global insurers, with 2024 revenue doubling that of 2023 in just five months.”
Within your domain, what’s the current challenge that the industry is facing?
“One challenge is legacy systems. The current model relies on traditional distribution models which are slow and expensive, rather than API-first digital infrastructure. Another challenge is the customer-focused approach. Insurers have been organized around the sale of individual products and not around customer needs. Customers are demanding speed and personalization, and the insurance industry hasn’t delivered a solution yet.
One of the key challenges we've observed is the need for greater collaboration between insurtech innovators and the internal IT teams at carriers and brokers. We understand that these teams have existing priorities and limited bandwidth, and our goal is to partner with them, not compete. By working together, we can leverage our time and resources to achieve shared goals, such as improving operational efficiency, enhancing customer experiences and accelerating innovation. We believe that open communication and a collaborative mindset are essential for overcoming this challenge and driving the industry forward.”
How does Stere take a unique approach to providing value?
“Stere is a turnkey solution with front and back-end components, enabling our clients to digitize their business. We prioritize speed to market, allowing insurers and their distribution partners to go live in days, not months or years, and grow their business through our modern insurance API and pre-built templates.
We focus on helping insurers digitize their products and connect them to any distribution platform of choice, including digital broker platforms, broker/wholesaler portals, embedded partners and more, generating growth at scale.
Stere is a SaaS (software-as-a-service) platform that enables businesses to license a variety of features, including API-as-a-Service to keep your costs low while growing your business. We believe that the combination of deep insurance expertise and cutting-edge technology Stere offers can create the right presence in front of the right customers at the right time with a cost-effective distribution model.
Finally, our team possesses the insurance knowledge and expertise necessary to implement complex and highly regulated insurance frameworks, continuously managing insurer relationships and insurance portfolio dynamics.”
What inspired the team to start this company?
“Drawing on years of insurance industry experience, our team recognized the untapped potential of technology to address the industry's inefficiencies and evolving customer expectations. We saw opportunities to streamline processes, personalize policies and serve underserved markets like gig workers and millennials. Leveraging advancements in data analytics, AI and digital platforms, we aim to deliver faster, more transparent and convenient insurance solutions that address emerging risks such as autonomous vehicles, drones and cyber threats."
Can you share any goals for the next 12-months?
“Our first goal is to form strategic partnerships with established insurers and distribution partners to leverage their expertise and distribution networks while educating them about our services and value.
We plan to continue enhancing digital experiences (user interface, mobile apps, platforms), data analytics, AI and new product innovation.
Finally, we aim to attract and retain top talent and invest in marketing and communication efforts. We will build brand awareness, credibility and customer loyalty."
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