About the Company
Vecto is an insurtech platform that offers access to a wide-ranging network of alternative transportation options and car providers for drivers who’ve been in an accident. We provide insurers with a provider network and a vendor-neutral technology platform to access those providers in order to improve the rental replacement process.
About the Founder
Brian is Co-Founder and CEO of Vecto, a vendor-neutral technology platform aiming to modernize the rental replacement process by providing a broader range of transportation solutions to insurers. These solutions include ridesharing, traditional rental, and anything else the future may hold, as Vecto’s simple technology can onboard any new alternatives that arise in the marketplace.Brian’s background includes leading teams as a Managing Director of a $2B national consulting firm, which experienced growth to over 2000 people in recent years, and as COO of a regional consulting firm, which advised Fortune 100 companies. His commitment to providing customer solutions that can be analyzed through qualitative and quantitative methods has been evident throughout his career.Most importantly, Brian also spent 11+ years at a national car rental company working as an area manager. When he left, he knew firsthand that the industry could be streamlined and enhanced. Vecto was originally conceived during this time, and the idea marinated until 2021, when the opportunity to modernize a $10B industry became even more apparent after the pandemic.Brian and Vecto have recently been featured in the May 2023 Auto Insurance Report and are Guidewire Vanguard partners.
What problem are you solving?
The current rental replacement process is outdated. Mobility solutions for rental replacement are limited, and the technology that facilitates it is restrictive to both the insurer and their customers. Without vendor-neutral technology, there is very little customer choice and dynamic pricing. We believe that it’s time to modernize the rental replacement process, and that Vecto is the solution to do so.
How are you solving it?
We lower costs, save time and increase customer satisfaction when it comes to the rental replacement process. We do this in two ways: first, we provide voucher and cash-out options through Uber and Lyft. When a claimant doesn’t use the voucher in its entirety, those savings are passed on to the insurer. Second, we are building a network of rental car companies who competitively bid on the rental replacement, driving costs down. Our technology is vendor-neutral and can be used as a stand-alone product or integrated directly with an insurer’s P&C management software. Vecto allows insurers to lean into a modernizing transportation industry and simultaneously save time and money.