Meet the insurtech leader: DataCrest's Tom Young

Tom Young, the founder of DataCrest and a veteran of the MGA and brokerage sectors, has shared insights into his company's mission to modernize the insurance purchasing process. By leveraging a background in both agency ownership and international brokerage, Young aims to address industry-wide inefficiencies through a platform built by insurance professionals for the market. His approach emphasizes the integration of artificial intelligence and stakeholder feedback to streamline deal flow and improve the experience for clients, agents, and carriers alike.

Tom Young established DataCrest after a career spanning multiple facets of the insurance industry, including roles at two MGAs, founding his own agency, and serving as a partner at a multi-national insurance broker. The company was born out of necessity when Young, acting as his own first customer, found that existing external solutions were unable to solve the specific inefficiencies he encountered in the field. To address these gaps, he assembled a specialized team of insurance and technology professionals focused on improving the buying and selling experience for all stakeholders involved in a transaction.

DataCrest’s primary objective is to enhance the accuracy and efficiency of the insurance purchasing process while reducing costs for clients, agents, and carriers. Young identifies the current antiquated industry deal flow and customer support models as significant pain points that frustrate participants. He believes that the industry is currently at an inflection point where the ease of doing business will become the primary differentiator for successful firms. By combining deep industry knowledge with technological innovation, DataCrest seeks to create a more seamless interface for the marketplace.

Looking toward the future, Young anticipates that artificial intelligence will play a critical role in reshaping insurance operations over the next five years. He notes that today’s tech-savvy professionals and insureds are increasingly ready for innovation, which will likely result in a departure from traditional, manual workflows. However, he cautions other insurtech leaders against a lack of market understanding, advising them to spend more time understanding end-user problems before developing solutions. His strategy involves listening to stakeholders first and then moving quickly once their specific needs are clearly defined.