Scout InsurTech Spotlight with Bill Suneson

Bill Suneson is the CEO of Bindable, enabling organizations across all industries to drive revenue and build brand loyalty through digital insurance offerings. Bill was interviewed by Chris Luiz, CEO and Co-Founder at Scout InsurTech.

Bill, you've built your career through ventures like GradGuard, MassDrive and now Bindable. Can you share a pivotal experience that shaped your approach to insurance distribution and affinity programs?

“Like most entrepreneurs, I've had to pivot at key moments. In the early days of GradGuard, we focused on student health insurance and short-term medical insurance for new graduates. However, when the ACA passed, both products essentially became obsolete—new grads could stay on their parents’ policies until age 26, and group student health insurance changed significantly.

As a result, we pivoted GradGuard to focus on helping families protect their investment in higher education, leading to the launch of tuition refund insurance and other related products.

With Bindable, the most pivotal moment came when we transitioned into a SaaS licensing business. We initially started as a digital agency, MassDrive, which evolved into a national digital agency specializing in affinity distribution. However, there wasn’t a technology provider that could fully support this model, so we built our own tech stack.

A turning point came when we demoed our platform to an insurance carrier partner who asked if we would ever license it. We had never considered ourselves a SaaS business, but that moment led us to pivot into licensing our technology to insurers and brokers. As with any entrepreneurial journey, you have to be prepared to pivot when opportunities arise.”

Affinity insurance has deep roots, from government employee programs to travel insurance. With digital transformation and APIs now in play, how do you see affinity and embedded insurance evolving? What new opportunities does this create for carriers and consumers?

“I see embedded insurance as an affinity distribution powered by APIs. Affinity distribution has been around for a long time, leveraging trust-based relationships to offer relevant insurance products at key moments. This concept isn't new—Assurion has provided mobile device protection through wireless providers for years, and travel insurance has been embedded in flight booking processes for a long time. Even health insurance, embedded in employment, is a longstanding example.

Affinity insurance has deep roots, with companies like GEICO originally serving government employees and Nationwide starting as a provider for the Ohio Farm Bureau. What’s changing is how technology enables distribution.

The more complex the insurance product, the harder it is to offer as a simple ‘checkbox' option at the point of sale. Take home insurance, for example: We integrate insurance into the home-buying process via mortgage companies. When buyers apply for a mortgage, they often wonder, ‘How much can I afford?’ or ‘How much will home insurance cost?’ Our technology helps mortgage companies display estimated home insurance rates during the application process. While the offer is embedded, the consumer still needs to get approved, close on a home and finalize the policy.

Unlike travel insurance, which is a simple checkbox decision, many embedded insurance products require further steps. However, as long as the process is convenient and relevant, customers are likely to return and complete the purchase.”

As you transitioned from traditional distribution models to digital platforms, what were some key challenges you faced? What lessons can others learn from your experience?

“In personal lines, one early challenge was the profitability of online shoppers. InsurTech 1.0 focused on driving traffic with ads for ‘cheap’ car or home insurance, but these customers tended to shop around more, leading to lower retention rates.

Early digital insurance customers also leaned non-standard—many had poor driving records or challenging payment histories and may have been placed with the wrong carrier. The key lesson for new entrants is that success isn’t just about a great user experience—it’s about matching customers with the right carrier. Whether a driver is non-standard, standard or preferred, there’s a best-fit carrier, and finding that match is critical.

Another early misconception was that agents would become obsolete. Many digital insurance companies initially assumed they could operate without agents, but that hasn’t been the case. Consumers do bind policies online, but for more complex products, many still want to speak with an agent. That’s why we built our technology to support agents as well.

For new entrants, my advice is: Build a great digital experience, but don’t assume you won’t need agents—you will.”

With trends like sponsored distribution and virtual agency models on the rise, what emerging shifts do you think will most impact how insurance is sold in the coming years?

“Consumers are increasingly comfortable buying insurance from non-insurance brands. There’s a long history of this with AAA, AARP, Verizon and airlines. However, the offer must be both convenient and relevant—whether it’s a simple checkbox during an Amazon purchase or a well-integrated option in another process.

Insurance companies themselves are also evolving into large intermediaries. They recognize that customers want a single place to manage their insurance needs, so many insurers are offering products they don’t manufacture. This trend will continue, with more insurers acting as agencies for third-party products.

Finally, virtual agencies will increasingly integrate into related processes, becoming embedded in auto and home-buying journeys, financial institutions, fintech apps and life and health agencies. These new agencies will succeed by leveraging captive audiences and offering relevant, embedded insurance products at the right moments.”

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