{"id":486,"date":"2023-12-07T06:55:56","date_gmt":"2023-12-07T14:55:56","guid":{"rendered":"https:\/\/embedded.gusto.com\/blog\/?p=486"},"modified":"2023-12-07T07:06:14","modified_gmt":"2023-12-07T15:06:14","slug":"embedded-fintech-products-growth-strategies-by-mauricio-comi","status":"publish","type":"post","link":"https:\/\/embedded.gusto.com\/blog\/embedded-fintech-products-growth-strategies-by-mauricio-comi\/","title":{"rendered":"Unlocking Business Growth with Embedded Fintech Products with Mauricio Comi"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Welcome to the <\/span><a href=\"https:\/\/www.smbtechinnovators.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SMB Tech Innovators podcast<\/span><\/a><span style=\"font-weight: 400;\">, powered by <\/span><a href=\"https:\/\/embedded.gusto.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Gusto<\/span><\/a><span style=\"font-weight: 400;\">. We explore the intersection of financial services and vertical SaaS strategy and discuss how software combats the rising complexity of running a business. We aim to share stories, advice, and best practices from the leaders and investors behind today\u2019s cutting-edge platforms. In this episode, <\/span><a href=\"https:\/\/www.linkedin.com\/in\/mcomi\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Mauricio Comi<\/span><\/a><span style=\"font-weight: 400;\">, former CEO of<\/span><a href=\"https:\/\/www.linkedin.com\/company\/getdutchie\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> Dutchie Insurance Services, LLC<\/span><\/a><span style=\"font-weight: 400;\">, covers why there is so much opportunity in the insurance space and how to build your core offering properly before expanding to additional embedded fintech products.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Highlights include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What is an MGA?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The framework for thinking about modern embedded fintech products and risk.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The right time to add an embedded finance product to your core offering.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How should founders price their digital products?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What is the most exciting thing in fintech right now?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Advice to SaaS providers thinking about partnering with an embedded product.<\/span><\/li>\n<\/ul>\n<div class=\"ose-spotify ose-uid-2c71dc8e99dff44d90265a318f3a8655 ose-embedpress-responsive\" style=\"width:600px; height:300px; max-height:300px; max-width:100%; display:inline-block;\" data-embed-type=\"Spotify\"><iframe allowFullScreen=\"true\" title=\"Spotify Embed: The easiest way to stand out in the insurance industry through tech with Mauricio Comi\" style=\"border-radius: 12px\" width=\"100%\" height=\"300\" frameborder=\"0\" allowfullscreen allow=\"encrypted-media;accelerometer;autoplay;clipboard-write;gyroscope;picture-in-picture clipboard-write; encrypted-media; fullscreen; picture-in-picture\" data-src=\"https:\/\/open.spotify.com\/embed\/episode\/4sOBdlmzYyfyvlNnVIQOaK?si=eef54b1582934207&amp;utm_source=oembed\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" data-load-mode=\"1\"><\/iframe><\/div>\n<h2><span style=\"font-weight: 400;\">The Untapped Potential of Embedded Fintech Products<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The landscape of business revenue streams is changing as the revenue generated from embedded fintech products in some companies outweighs that from core services. This tipping point has become crucial for businesses to recognize and leverage. Recognizing this potential and knowing when to act on it is key. The financial benefits of offering embedded fintech products, like insurance, often surpass those derived from standard service fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mauricio Comi, an expert and leader in financial services, has navigated various fintech products and has led the creation of successful insurance ventures at Intuit and Dutchie. His journey highlights the moment he recognized the immense potential for an insurance partnership while showing the product partnerships team at QuickBooks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The foray into embedded fintech began by identifying untapped opportunities. Mauricio spoke about a partnership where revenue from insurance sales, though modest, hinted at an enormous opportunity. This inspired him to propose a deeper exploration of insurance within the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The initial steps involved exploring different avenues, from lead generation to establishing a Managing General Agent (MGA) model. This MGA approach allowed for substantial revenue growth without excessive financial risk.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Insights into Establishing Embedded Fintech<\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Identifying Opportunities<\/b><span style=\"font-weight: 400;\">: Mauricio emphasized the substantial opportunity within small businesses spending over $100 billion on property and casualty insurance premiums in the US. Understanding the market size and technological gaps in the industry before venturing into such initiatives is crucial.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Industry Evolution:<\/b><span style=\"font-weight: 400;\"> Insights were shared on progressing from lead generation to brokerage and finally to the MGA model, focusing on a seamless digital customer experience. The MGA model revolutionized customer interaction, enabling sales under QuickBooks&#8217; brand without assuming the financial risk of claims.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Managing Risk<\/b><span style=\"font-weight: 400;\">: The discussion illuminated the balance between business and financial risks in embedded fintech. Earning the right to sell secondary products to primary customers is critical, emphasizing the importance of a seamless experience as a competitive advantage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Gradual Implementation<\/b><span style=\"font-weight: 400;\">: Mauricio advocated a gradual approach, using lead generation to understand customers&#8217; needs before heavy investment. Timing and building a robust core product foundation are essential before integrating additional financial services.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Success Metrics<\/b><span style=\"font-weight: 400;\">: Mauricio highlighted adoption rate as the primary measure of success, emphasizing the need for a top-notch user experience to convert interest into purchases.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pricing Strategy<\/b><span style=\"font-weight: 400;\">: Insights into pricing strategies emphasized the value of convenience and the potential for customers to pay a premium for a seamless, integrated experience. Experimentation and understanding customer preferences are crucial for fine-tuning pricing models.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Mauricio&#8217;s insights provide a comprehensive roadmap for businesses aiming to incorporate embedded fintech into their products. Understanding the market, managing risks, gradual implementation, defining success metrics, and crafting strategic pricing are essential pillars for success in this evolving landscape. Understanding customer needs, navigating regulatory complexities, and creating seamless experiences is paramount for businesses venturing into this domain. Success in embedded fintech products ultimately relies on delivering value, convenience, and a superior customer experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Listen to <\/span><a href=\"https:\/\/www.smbtechinnovators.com\/episodes\/mauricio-comi\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The easiest way to stand out in the insurance industry through tech<\/span><\/a><span style=\"font-weight: 400;\"> podcast and connect with <\/span><a href=\"https:\/\/www.linkedin.com\/in\/mcomi\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Mauricio on LinkedIn<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Learn more about <\/span><a href=\"https:\/\/embedded.gusto.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">embedded payroll for fintech products<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to the SMB Tech Innovators podcast, powered by Gusto. We explore the intersection of financial services and vertical SaaS&#8230;<\/p>\n","protected":false},"author":11,"featured_media":487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-behind-the-paycheck"],"acf":{"exclude_from_embedded_resources":false,"popularity":0,"essentiality":0},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Unlocking Business Growth with Embedded Fintech Products with Mauricio Comi - Embedded Blog<\/title>\n<meta name=\"description\" content=\"Discover the potential of embedded fintech products with Mauricio Comi. 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