In this episode, Aaron Gordon chats with Frank Sentner, a revered mentor in the insurance industry with over 50 years of experience. Known as the "Godfather of Insurance," Frank discusses his shift from fee-for-service consulting to equity-for-service, mentoring InsurTech startups. He emphasizes the importance of receptiveness to mentorship and mutual learning, highlighting successful exits and decision-making strategies for entrepreneurs. Frank shares insights on the enduring role of independent insurance agents, despite technological advancements. He also delves into the dynamics of cofounder partnerships, communication challenges, and the evolving nature of mentorship in a remote work setting. With personal anecdotes and practical advice, Frank illustrates the ongoing relevance of technology and mentorship in the insurance tech space. The episode concludes with a motivational quote from the Dalai Lama, underscoring the theme of proactive happiness.
Get To Know Frank Sentner
Frank Sentner has been providing technology solutions to the insurance industry for nearly 50 years. His consulting practice focuses on improving the business processes of insurers, insurance brokerage firms, and insurance technology solution providers. He has managed significant projects involving the replacement of policy, billing, and claims systems for insurers, as well as providing strategic consulting for large insurance brokerage firms. Recently, he has dedicated several years to mentoring startup InsurTech firms.
In 1976, Frank led the development of the first ACORD forms-based agency policy and claims system while working for Insurnet. He started his consulting firm in 1982 and merged it with two other founders in 1984 to form Creative Information Systems (CISCo). There, he designed and developed Sagitta, the first ACORD AL3-based agency system, which continues to be used by some of the largest insurance brokers in the world.
In 1992, CISCo merged with the Gemini division of Aetna to create CISGEM, which was acquired by Vertafore in 1995. Frank served as Senior Vice President of Technology until 1996. Vertafore was subsequently acquired by Bain Capital Private Equity and Vista Equity Partners from TPG Capital for $2.7 billion in 2016 and was sold to Roper Technologies for $5.35 billion. Sagitta remains their flagship product for national insurance brokers such as Marsh MMA, USI, and BB&T.
In September 1996, Frank started his second consulting practice, Sentwood Consulting. Over the past 26 years, he has consulted for a wide range of organizations, including The Council of Insurance Agents & Brokers, USI Insurance Services, Insurity Inc., and ACORD.
In 2016, Frank collaborated with representatives from the State of Connecticut, the City of Hartford, the University of Connecticut, and several insurers to establish the first InsurTech Accelerator in Connecticut. He has mentored many of its startups, along with those participating in the Nassau Financial Group Re/Imagine InsurTech Incubator. He also serves on the advisory board of InsurTech Hartford. In 2013, Frank shifted his consulting practice from a fee-for-service model to an equity-for-service model. Currently, he is on the board or advisory board for nine InsurTech startups, holding equity stakes in some. One previous startup client has failed, one has successfully exited, and he has retired from the board of another former client company. His only remaining corporate consulting client is ACORD. LinkedIn
3 Episode Key Takeaways 1. Mentorship's Double-Edged Sword: Frank Sentner underscores the pivotal role of receptiveness in mentorship. He emphasizes that while mentors provide critical, honest feedback to foster growth, mentees must be willing to accept constructive criticism. This flexibility is key to avoiding costly mistakes and nurturing professional development, highlighting that mentorship is a mutual growth process.
2. Adapt and Anticipate Change: Drawing from his long-standing career, Frank Sentner speaks on the necessity of anticipating change, especially in tech-driven industries like insurance. His lifelong passion for science fiction enabled him to foresee trends and adapt swiftly. He argues that industries, especially insurance, should embrace technological advancements at a faster pace to stay relevant and competitive.
3. Building Strong Partnerships: According to Frank Sentner, successful business ventures often stem from cofounder partnerships where roles are clearly defined between business and tech responsibilities. He points out the common communication challenges between domains and suggests an intermediary can bridge gaps, ensuring harmony and effective collaboration. His insights stress the importance of clear communication and strategized role division in driving startup success.
Show Overview:
01:23 Frank is considered a major influential figure.
04:00 How can young professionals attract a mentor?
06:34 Father involved in successful insuretech company.
12:36 Three-party collaboration strengthens business-technology alignment.
16:32 Mostly mentor without equity to assess fit.
18:21 Adapting to change without becoming outdated.
22:13 Career evolution is underestimated despite incremental progress.
26:23 Successful timing and technology adoption in business.
