Brokering Behind the Firewall: Fabio Faschi

Fabio Faschi is the Head of Sales at StartSure, a tech-enabled insurance agency providing solutions to startups and small businesses. As a partner of 1Fort's, Fabio sat down with our team to share his insights on strategies for startups to manage their risk using tools like 1Fort and and how brokers can leverage technology to be trusted advisors.

‍You've had a diverse career in insurance. Could you briefly share how you got started and what drives your passion for the industry?

I began my career somewhat unexpectedly. I studied diplomacy and international relations, which taught me the art of negotiation—a skill directly applicable to sales and client relations. After a brief initial stint in sales, I realized I wanted to work with products I was passionate about, which ultimately led me to insurance sales and brokerage operations.

I started in title insurance and then moved on to build a P&C brokerage from scratch for a small organization. This experience was both challenging and rewarding, teaching me how to operate in ambiguity and build something from the ground up. I later joined PolicyGenius, where I helped establish their P&C division, and then moved to Aon CoverWallet, focusing on operations and innovation.

What drives me is the opportunity to solve complex problems for clients and help them navigate the often confusing world of insurance. I enjoy being at the intersection of traditional insurance and technological innovation, finding ways to improve the industry and better serve clients.

What advice would you give to brokers who are just starting out or looking to break into the industry?

First and foremost, be a sponge. Absorb as much information as you can and expose yourself to different aspects of the industry. This broad exposure will help you discover what truly interests you, whether it's specializing in a specific line of business or serving a particular industry.

Don't limit yourself to just being an insurance broker in the traditional sense. Your real value lies in being a risk manager and advisor to your clients. With advancements in technology and AI, the transactional aspects of insurance are becoming less valuable, compared to truly being able to offer risk solutions or brokering technology. Clients can get quotes online; what they need is someone who can explain the complexities of insurance in plain English and help them make informed decisions.

Build long-term relationships based on trust. Focus on solving your clients' problems rather than just making a sale. When you prioritize their needs and think long-term, you'll find more rewarding relationships and sustained success.

What emerging risks do you see that startups and businesses should be more aware of?

One significant trend is the surge in consumer brands and e-commerce businesses. Platforms like Shopify and Amazon have made it easier than ever to start a business, but many entrepreneurs underestimate the complex risk exposures they face.

These businesses often require specialized insurance coverages such as intellectual property protection, dynamic inventory insurance for third-party logistics (3PL), and product recall coverage. Since many are home-based but sell products globally, they carry the same liability risks as larger companies. Additionally, outsourcing manufacturing adds complexity to the chain of liability.

Startups need to proactively address these risks by seeking appropriate coverage and understanding the nuances of their exposures. The insurance market is adapting by offering tailored solutions, but awareness and education are key.

How can brokers add value for clients in this evolving landscape?

Brokers can add significant value by becoming trusted advisors rather than just intermediaries. This involves:

1. Understanding the Client's Business: Deeply understand the industries your clients operate in. This allows you to identify unique risks and provide customized solutions.
2. Educating Clients: Help clients understand what insurance they need and why. Demystify the jargon and explain coverages in clear, relatable terms.
3. Staying Informed on Trends: Keep up with industry trends, emerging risks, and new insurance products. This positions you to offer the most relevant advice.
4. Leveraging Technology: Use technological tools to enhance service delivery. While technology can handle transactional tasks, the human element of personalized advice remains irreplaceable.
5. Building Long-Term Relationships: Focus on the client's long-term success. Offer ongoing support and adjust their insurance programs as their businesses evolve.

Are there specific tools or resources you recommend to startups for managing risk beyond purchasing insurance?

Absolutely. Risk management isn't just about transferring risk through insurance; it's also about implementing practices and tools to mitigate risk:

• Compliance and Regulatory Tools: Especially for financial or regulated industries, tools that help manage compliance can prevent costly violations.
• Workforce Management Systems: As companies grow, HR tools become essential for managing employee relations, payroll, and legal compliance.
• Cybersecurity Measures: With cyber threats on the rise, investing in robust cybersecurity tools and training is critical. Many insurers now require certain cybersecurity standards before providing coverage.
• Supply Chain Management Solutions: For businesses relying on third-party logistics or manufacturing, tools that provide visibility and control over the supply chain can mitigate risks associated with delays, quality control, and liability.

It's important for startups to assess their specific risks and invest in tools that address their unique needs. As brokers, we can guide them in identifying these areas and recommending appropriate solutions.

What technologies are you excited about that are impacting the insurance industry?

I'm particularly interested in:

• API Development: APIs enable seamless data flow between clients, brokers, and carriers, improving efficiency and accuracy across insurance distribution channels. They help reduce redundancies and streamline processes.
• Proactive Risk Management Tools: Technologies that help prevent losses before they occur are transformative. For example, insurers providing clients with IoT devices like water leak detectors or security systems can prevent property damage claims.
• Advanced Analytics and AI: While AI should be approached cautiously, advanced analytics can help in underwriting, claims processing, and identifying fraud. The key is using AI to enhance human decision-making, not replace it.
• Digital Platforms for Client Engagement: Tools that improve client experience, such as user-friendly portals for policy management and claims reporting, are increasingly important.

How do you see AI and automation affecting the role of brokers?

AI and automation will handle more of the transactional and administrative tasks, which means brokers need to focus on areas where human expertise is irreplaceable:

• Strategic Advice: Interpreting complex insurance needs and providing tailored solutions.
• Relationship Building: Cultivating trust and long-term partnerships with clients.
• Problem-Solving: Navigating unique or complex situations that require critical thinking and experience.

Brokers who embrace technology as a tool to enhance their service—rather than seeing it as a threat—will thrive. It's about augmenting our capabilities to provide better value to clients.

What final advice would you offer to professionals in the insurance industry, especially those navigating the changes brought by technology and evolving client needs?

Always keep learning and stay curious. The industry is changing rapidly, and continuous education is essential. Remain critical and think independently; don't rely solely on conventional wisdom or what others tell you.

Focus on the client's long-term success. Build relationships based on trust and transparency. When clients see that you're genuinely invested in helping them navigate risks and grow their business, they become loyal partners.

Embrace technology as an enabler, not a disruptor. Use it to improve efficiency and client experience, but remember that the human element—our ability to understand, empathize, and advise—remains crucial.

Lastly, be adaptable. The ability to navigate ambiguity and wear multiple hats is invaluable. Whether you're in a startup environment or a traditional firm, flexibility and a proactive mindset will set you apart.

If you're interested in partnering with StartSure for your insurance program and accessing 1Fort's risk services, contact Fabio on LinkedIn and follow his posts on insurance.