Scout InsurTech Interview with DataCrest

DataCrest is a technology company. They seek to make the insurance purchasing process easier, cheaper, more efficient and accurate for the client, agent and insurance carrier.  Chris Luiz sat with Founder, Tom Young, to learn more about how DataCrest is impacting the industry.

Who are your clients?

Most of our clients are MGAs. We also work with a handful of carriers and brokers. I started the company after working as a broker and agent myself, so I know firsthand the friction points in that space. While our initial traction came from MGAs and specialty carriers, we’re expanding into the agency channel as well. That mix allows us to serve the needs of multiple stakeholders throughout the underwriting and submission process.

What does your product do?

At its core, DataCrest helps gather and structure submission data. We automate and complete insurance applications, making that data usable within underwriting systems. Once ingested, we can repurpose that information for a variety of applications. One of our more recent launches is a customized loss control and risk management product that delivers insights based on the data in each submission. Essentially, we reduce the busywork and help underwriters focus on better decision-making, improving efficiency without trying to replace the human element.

How much capital have you raised?

We’ve raised about $3.5 million to date.

Was the company born from within or outside the industry?

Very much from within. I’ve worked at two MGAs, built my own agency and most recently was a commercial P&C producer at Lockton. Our lead technologist spent a decade on the carrier side and then five more years building out tech for MGAs. So, our whole DNA is insurance; we understand the stakeholders, the workflows and the nuance of how things actually move through the system.

What growth metrics have you accomplished over the last 12 months?

Over the past year, we’ve grown revenue by about 240 percent. That growth has come from seven new MGA clients and three carriers. It has been a strong validation of our product and the value we’re bringing to the underwriting and submission space.

Within your domain, what is the current challenge that the industry is facing?

There’s a lot of noise right now, especially around AI. Many players are entering the insurance space with big claims about automation and transformation often without a real understanding of the complexity involved. There’s a perception that pushing a button will fix everything, but insurance workflows are layered and involve people at many levels: underwriters, agents, insureds and managers.

That misunderstanding is slowing real progress and sometimes even creating new problems. The challenge is to cut through the hype and focus on tools that support, not replace, these professionals.

How does DataCrest take a unique approach to providing value?

We’re not trying to replace people; we’re giving them tools that make them faster and more accurate. Our products are built around their real workflows. Whether it’s submission ingestion or newer risk tools, we’re thinking about how to empower the underwriter, the agent and even the insured to move faster and make better decisions.

Most platforms that handle submission ingestion focus only on the carrier or MGA once the application arrives. We go to the agent and insured and streamline their experience as well. We make the renewal process easier, simplify communication and save time. That’s how we help our clients retain better business and quote more effectively. The data we collect also becomes an asset in its own right, not just something that sits unused in a PDF after the underwriter touches it once.

What inspired you to start this company?

I started DataCrest because I was frustrated with how painful it was to complete supplemental applications, particularly in specialty lines like D&O and management liability. That frustration eventually led us to develop broader submission ingestion capabilities. Over time, we realized that the data being captured was valuable far beyond the initial quote. It could be used for analytics, loss control and even renewal retention strategies.

We’ve always focused on how we can simplify things for the agent because if you can make their life easier, you’re going to get more business and keep it.

Can you share any goals for the next 12 months?

We’re rolling out an analytics product that ties submission data to claims outcomes. This gives underwriters the ability to make better, faster decisions when evaluating new business. Early results are really promising, and we’re excited about the potential impact on underwriting performance.

We’re also expanding deeper into the agency space. While we already have some agents as clients, we’re now working through agency management systems to push our services out more broadly. For example, we’re building workflows that allow agents to quote instantly from the moment they fill out an E&O application without waiting on an underwriter. For us, the next 12 months are about enhancing data intelligence and expanding distribution capabilities for our clients.

Scout InsurTech Thanks Its Presenting Partner

And Our Scout InsurTech Partners