Introducing Paracode: Q&A with Jim Parsons, CEO
In the way of welcoming ParaCode to Modern Insurance Magazine’s esteemed Editorial Board of industry experts, we sat down with Jim Parsons, CEO, to discuss ParaCode’s attention to the customer journey, the downsides of legacy systems, and their newly established membership of the Managing General Agents’ Association (MGAA).
Q. Hi Jim! A very warm welcome to Modern Insurance Magazine’s Editorial Board!
Why don’t we start by talking about ParaCode, the work you do and the product offering available?
A. Thanks so much, Amelia – it’s great to be here!
ParaCode is probably the most modern policy administration system available on the market today. We launched two years ago and we’re already building great momentum with it!
The team at ParaCode are really looking to change the market; we want to alter the perception of what policy administration software can do and we’re truly committed to raising the bar in terms of what is possible with a given amount of time and money. We’re making intelligent use of new technology to create maximum benefits for our customers.
Initial contact with the market suggests that we’re doing well with this so far, and we seem to be going from strength to strength at the moment in a really sustainable way. The Cloud is a massive enabler; there’s so much opportunity for us to do things that are way in advance of what the market is used to, and it’s really exciting to be at the helm of it all!
Q. How does attention to the customer and the customer journey factor into the work you do?
A. We’ve come into this market as a new contender, and I feel that our fresh perspective has allowed us to really listen to the customer and gain feedback around how they’re being served in the market today, and how they would like to be served going forward. I feel that as a general rule, expectations have been desperately low. People are really unhappy with what’s gone before, and so we’ve set ourselves out on a mission to improve that and guarantee a great service for our customers. Prompt, attentive, knowledgeable service at good value should be an absolute given, and yet I think the market has become very stuck in a way, which has led to poor customer service as default. Yet we really care about what we’re doing, and you’ll see that this is evident when you meet the wider team. You’ll see that everyone is incredibly passionate about the product offering, and more customers will see the benefit of that as we grow. We know what’s possible with good software, and we’re really excited to get that out to customers! ParaCode is all about being better than the base level experience of the wider market.
Q. In your experience, how can out of date legacy systems negatively affect business operations within the insurance ecosystem?
A. A lot of the systems in the market today are certainly very old; they come from old technology and they don’t tend to provide great flexibility for the customer. Insurance is all about being able to transact more information in an efficient way, and so many of these legacy systems are horrible to use. This creates problems inside the workings of an organisation; going back to our earlier point, it’s difficult to give good customer service when you’ve got a system that isn’t supporting you to do that. It affects staff morale, and that affects customer service as well.
Typically, legacy systems are totally inflexible. If you need to change your product or bring a new line to market, it costs so much time and money. That’s no way to do business! ParaCode is built around the ability to change things instantly, so if you’ve got a requirement from your insurer to change the way you rate a product, you can do this right away with no waiting around. If you want to innovate and do something different, or bring something to market and just try it out, you don’t want a big upfront cost involved in order to do this. You want to be able to bring your idea to market quickly, cheaply, and find out if it works before you invest. This is exactly what ParaCode provides, and I believe that this really makes us stand out from the wider marketplace.
Q. ParaCode recently joined the Managing General Agents’ Association (MGAA), which is fantastic! How are you hoping to make the most of this newly established working partnership?
A. The MGA space is our key strategic marketplace right now, and the MGAA provides us with a forum to really get to know the players in that market, which is incredibly important for us. We’ve reached out to them in the past, and they’ve been forthcoming in terms of helping us to access advice and support, which is amazing. It’s really nice to feel part of that community. It’s a working partnership, and it’s great that there’s a recognised body to help sustain this particular aspect of the market.
The MGAA also do a lot through their workshops, focus groups and briefing sessions, and it’s proving to be really constructive. It’s not just about ‘sell, sell, sell’. It’s the way we relate to one another and build that understanding which is paramount, especially for a newcomer. I’m really impressed with everything that they have to offer, and can’t wait to harness that knowledge further.
Q. What does the rest of 2023 have in store for ParaCode?
A. As a relatively new entrant to the marketplace, it’s an incredibly exciting time for us. We’ve got huge plans for our platform and for our business, and whilst we’re undoubtedly seen as the ‘new kid on the block’, we’ve got a vision that I think will really disrupt the marketplace and the way that it conducts business. 2023 is going to see that vision come to life!
We’re about to launch new features for the platform that will enable all parties in the insurance value chain to communicate more efficiently and effectively with each other, and Paracode will allow people to transact in a more dynamic way than the market has grown accustomed to. The way that we’re approaching this is unique, and we’re really going to stand out from the crowd with the enhancements we’ve got lined up. In the meantime, I would just encourage everyone to watch this space!
For more information about ParaCode and their product offering, visit their website here.