Meet the insurtech: Actuology

Steph Tulley moved to Tampa five years ago to be near insurance opportunities as she described the area as one of the best places for the industry. She didn't plan to start an insurtech, but she did. 

Tulley, CEO and founder of Actuology, started the company in February. Actuology provides an ecosystem to introduce consumers to digital commercial insurance options. The platform streamlines the advisor process. 

"There is a lack of communication for the consumer and the consumer sometimes feels lost," says Tulley. "Insurance is a product that is always sold but is not bought. I see that as more of an issue than a good thing. … Actuology is a first-to-market concept where instead of a consumer going to an advisor we provide an automated service directly for them where information is sent directly to them and they can go through the ecosystem by themselves."

The platform is meant for business owners within the U.S. The company is working to figure out how to get products to clients and carriers in the most efficient and meaningful way. Actuology is not an insurance provider, but a distribution partner for B2B or B2C companies within the insurtech space. Tulley hopes facilitating a simpler distribution process will help the company to become a household name that people can trust.

"One of our main ethos is transparency and especially in the world we're in today, the consumers really want that and that's the goal for us to just be that transparent and up front," Tulley says. 

The company currently employs four people and they're seeking half a million in funding to expand its team and products.

"We would love to broaden our market so we can help with all of the business owners' needs. Right now, we're focusing on general lines … policies that you would need upfront when you're starting a business … Our focus is the new emerging business owner and the tech native consumer but over time I do see us branching out to really all forms of the business."

Consumer feedback for Actuology has been positive, Tulley says, adding that the resources and information the company provides is helping people to understand why they need insurance. 

"They're always like: 'Well, this just seems unnecessary,' but we're providing why you need insurance and why does this matter and also those why's without an expectation," Tulley says. "This is just information without a premium or price tag attached to it. Personally, as someone who likes insurance and buys my own personal insurance, I love the concept of not having to pay for advice."