Scout InsurTech Interview with Todd Greenbaum

Todd Greenbaum is the Chief Executive Officer at Input 1, a payments and billing platform focused on modernizing how insurance carriers, MGAs, and agencies manage premium transactions. Todd was interviewed by Andrew Daniels, co-founder at Scout InsurTech and co-founder and president at CrashBay.

Todd, insurance payments remain far more fragmented than what consumers experience in banking or e-commerce. What structural issues in the industry make payments so complicated today?

"A large part of the problem comes down to software and how insurance systems evolved. Insurance transactions are incredibly bespoke. Every carrier, MGA, or program tends to handle billing and payments differently. Some require payment in full, some allow installments, some rely on premium finance, and others combine multiple approaches.

Unlike trading stocks at Schwab or Fidelity, where the transaction model is largely standardized, insurance payments vary widely by product, provider, and customer. Because of that, carriers either build custom billing systems or implement off-the-shelf solutions in highly customized ways. The result is fragmentation. There has never been a truly homogeneous approach, and core systems have not converged around a centralized or consistent payments framework."

Policyholders now expect the same seamless, digital experiences they get from their banks or Amazon. What will it take for the insurance industry to truly meet those expectations?

"Competition is what will ultimately force change. If paying for insurance or doing business with an insurance carrier is harder than dealing with Wells Fargo, JPMorgan, or Amazon, that’s a problem. Consumers expect simplicity and control.

Insurtech companies are raising the bar by delivering more customer-focused, frictionless experiences. When carriers realize they’re losing business because they haven’t kept up, they’ll adapt. That means tighter integration between core systems and modern payment platforms, or carriers building their own digital-first payment capabilities.

Consumer expectations will continue to rise, driven by competition and by what people already experience in banking, brokerage, and e-commerce."

Payment interactions are often treated as transactional moments, yet they represent some of the most frequent customer touchpoints. How should carriers rethink the role of payments in the overall customer journey?

"Payments aren’t just about how someone pays, whether that’s card, ACH, or a digital wallet. They’re also about payment terms. Down payment size, installment length, and affordability matter a great deal.

Think about the iPhone. A lot fewer people would buy a $1,300 phone if they couldn’t pay $29 a month. The same logic applies to insurance. Flexible terms don’t just make insurance more affordable; they drive more sales and often lead customers to buy more coverage.

Beyond that, billing and payment touchpoints are some of the most consistent interactions you have with customers. After purchase, payments may be the only regular communication you have unless there’s a claim. That makes billing statements, invoices, and reminders powerful engagement and marketing tools. If someone only has liability coverage, why not use those moments to introduce property or crime coverage? Payments should be viewed as a sales enablement and relationship-building mechanism, not just a back-office function."

Despite the rise of digital wallets and online banking, nearly half of premiums are still paid by check. What barriers are keeping the industry from modernizing?

"Insurance has historically been slow and distrustful of technological change. In many ways, it’s the last major financial product category that hasn’t fully digitized. There’s a cultural reluctance to change, combined with legacy systems that make modernization difficult.

There’s also a demographic reality. Some policyholders, particularly older ones, are simply accustomed to writing checks. Over time, that behavior will fade. People who are 30 today won’t be writing checks when they’re 50.

As core systems mature, integrations improve, and demographics shift, the natural evolution will continue away from checks. But it requires carriers to be willing to modernize rather than wait for change to happen on its own."

Which emerging payment trends do you believe will have the biggest impact on insurance in the next few years?

"Embedded insurance is a major one. In the gig economy, people regularly engage in activities that carry risk but aren’t insured in real time. Take scooter rentals as an example. Why not embed liability coverage directly into that transaction for a small incremental cost? That’s a powerful concept.

Real-time payments are another critical trend. Insurance coverage can hinge on seconds. Knowing immediately that payment has been received and coverage is in force, and being able to confirm that on your phone, is incredibly important.

More broadly, as technology continues to evolve and customer expectations solidify, carriers will adopt digital solutions faster. After decades in this industry, we’re finally seeing less skepticism and more openness to new technology, similar to where banking and brokerage were 20 years ago. It’s an evolution driven by competition, economics, and changing consumer behavior."

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