Inside the $2 Trillion Employee Benefits Market

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The Peel with Turner Novak

Turner Novak

117 episodes

3 days ago

Exploring the world’s greatest startup stories. Get a behind the scenes look into the founding stories of your favorite companies. Learn how the industries they operate in actually work, and learn playbooks and tactics you can use to launch and scale your own business.

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Inside the $2 Trillion Employee Benefits Market | Ryan Sachtjen, Threeflow

The Peel with Turner Novak

1 hour 53 minutes 41 seconds

4 months ago

Inside the $2 Trillion Employee Benefits Market | Ryan Sachtjen, Threeflow

Ryan Sachtjen is the Co-founder and CEO of Threeflow, building software for employee benefits brokers and insurance carriers.

Our conversation starts with a deep dive into the nearly $2 trillion dollar employee benefits market, including the structural issues that actually give the smallest companies the most leverage.

We also talk about insurance more broadly, AI opportunities in insurance, lessons from kickstarting a marketplace doing nearly $3B in volume, and the time his wife got cancer two months after closing his seed round, and how his co-founders adjusted to support him

Timestamps:

(3:57) Threeflow: B2B benefits marketplace

(5:50) How the benefits industry works

(9:20) The importance of brokers in insurance

(12:32) Benefits broker software stack

(15:36) How to make money in employee benefits

(21:11) Ways to compete in insurance

(26:34) How AI is changing insurance

(31:01) What its like to be an insurance broker

(35:37) Starting ThreeFlow in 2016 pre-LLMs

(40:13) The 128 day walk through Europe before Threeflow

(44:47) When his wife was diagnosed with breast cancer

(50:23) Advice for founders on surviving large personal events

(52:46) Threeflow’s unorthodox Seed round

(59:46) How to vet your investors

(1:04:14) Why insurance brokers exist

(1:05:08) How to build a marketplace on top of Vertical SaaS

(1:10:53) Choosing a marketplace entry point

(1:15:05) $2.5B in premium volume on Threeflow workflows

(1:26:39) Importance of supply side volume in a marketplace

(1:31:21) Fundraising without a formal process

(1:33:03) Hiring for “just get stuff done”

(1:36:22) AI opportunities in insurance

(1:41:05) Building software in insurance

(1:44:56) Tactics for running a distributed team

(1:49:04) How to create your own playbooks

Referenced

Try Threeflow

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LinkedIn: https://www.linkedin.com/in/ryansachtjen/

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LinkedIn: https://www.linkedin.com/in/turnernovak

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