#157 - How InsurTech Is Changing Independent Agencies w/ Tony Lew

In this episode of Business Refocused, Lindsay and Carey welcome Tony Lew, Co-Founder of InsurTech New York, to kick off a new direction for the podcast: bringing on guests outside of agency ownership to help agency leaders learn how other parts of the insurance ecosystem operate. Tony shares how InsurTech New York was started in 2019, what the insurtech landscape looked like during the peak hype cycle, and what separates sustainable insurtech companies from the ones that flame out.

Tony breaks down what he has seen work overtime: founders who truly understand insurance, solutions built around real workflow pain, and products that help agents and brokers scale without replacing the relationship-driven nature of the business. The conversation also gets tactical for agency owners who want to adopt new technology. Tony outlines how to evaluate vendors, when it makes sense to work with early-stage startups, what questions to ask (customers, funding, traction), and why peer references matter when you are deciding what to implement.

In this episode, you’ll learn:

• How InsurTech New York started and what it does today (events, startup programs, matchmaking, investing)
• What the “insurtech hype cycle” looked like from 2019–2020 and what changed after
• Why insurtechs that ignore insurance fundamentals (like loss ratio discipline) struggle long-term
• The difference between insurtechs as “competitors” vs “enablers” for agents and brokers
• Why many successful insurtech founders come from inside the industry (agents, underwriters, claims)
• How agency owners can approach adopting new tech: identify the real problem first, then match tools
• How to vet vendors: customer count, funding runway, references, contracts, and acquisition risk
• The pros and cons of working with early-stage startups vs more established vendors

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Show previously named Insurance Refocused