Ep. 195: Wade Millward: Relentless Insurance Innovation

Spot On Insurance

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Wade Millward is the Founder of rikor, a next-generation digital insurtech company that integrates insurance requirements directly to their platform to offer real-time insurance policy monitoring services. His goal in founding the company was to simply reduce the risk for franchisors through instant insurance verification. He believes certificates of insurance are risky, can be easily manipulated, and offer zero security for the franchisor, and decided to design a system that helps bypass all of these problems. Wade also represents Millward Agency, an insurance company started by his grandfather and is currently led by his father.

Wade joins us today to share how rikor helps mitigate risks with the use of real-time technology and other innovations. He shares his experience with serving in an LDS mission, the lessons he learned from that experience, and the idea that led to founding his company. He discusses the security problems associated with certificates of insurance and why he believes these certificates are practically useless. He explains why he started the company amidst the pandemic and how you can be a good leader in a tumultuous time. Wade also describes his thoughts on technology in the industry, especially with how it manages risk.

"One of the most important things in leading a team is empowering people to make mistakes for the pursuit of innovation." - Wade Millward

Today on Spot On Insurance:

• Wade’s time serving in an LDS mission and the culture and lessons he learned.
• Why we constantly compare ourselves to other people.
• How Wade found himself joining the insurance industry.
• Why Wade believes launching a business in the middle of a pandemic was the best decision he has made.
• How to focus on long term objectives over short term distractions.
• How rikor helps reassure procedural transparency.
• Why the certificate of insurance is a false sense of security.
• Wade's thoughts on technology and how it's changing the way we finance and manage risk.
• What it means to think beyond the box and how we can connect different boxes.
• How to lead a team going into 2021.

Key Takeaways:

• The hardest thing about starting a company is making a name.
• Don’t let a pandemic stop you from making your dreams a reality.
• When we put people in boxes, they stop thinking.

Connect with Wade Millward:

• rikor
• LinkedIn
• Email: [e-mail]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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