BOXX Insurance President Christyn Yoast on Strategic Growth and the Future of Cyber Insurance
In an interview earlier this year, Risk & Insurance editor-in-chief Dan Reynolds spoke with Christyn Yoast, President, USA, for BOXX Insurance. Yoast, who holds an MBA and several industry designations, including Chartered Property & Casualty Underwriter (CPCU), discussed BOXX Insurance’s plans for 2025 and beyond, focusing on the evolving cyber insurance landscape and the company’s commitment to delivering exceptional value to its customers.
Christyn Yoast, President, USA, BOXX Insurance
R&I: Thanks for giving us some of your time, Christyn. What business opportunities are you excited about for BOXX Insurance in 2025 and beyond?
Christyn Yoast: At BOXX, there are numerous exciting opportunities on the horizon. As a rapidly growing scale-up, we have many initiatives underway, from expanding our team to enhancing our product and service offerings. We’re focused on delivering exceptional value to our customers, not just within the US but on a global scale. Exploring new ways to serve our clients better is a top priority. Technology is another area of rapid development within our industry, and it’s a space where we’re making significant strides. Our vision and ongoing work in the tech domain are truly exciting. Moreover, we continue to expand our brand presence and forge new partnerships with distributors. It’s gratifying to see a growing number of companies recognizing our value and seeking to collaborate with us. All in all, the BOXX team is incredibly enthusiastic about what 2025 has in store.
R&I: What product lines have you already set up?
CY: We have set up both commercial and personal cyber insurance product lines. The personal cyber insurance side is particularly exciting as it’s a new and burgeoning area with few markets currently offering it. While identity theft protection has been around for a long time, there is a growing demand for personal cyber insurance. This is especially relevant as our baby boomer parents age and become more susceptible to increasingly sophisticated scams, which are becoming more prevalent with advancements in AI. Our product goes beyond just identity theft protection. It focuses on risk mitigation and education to help customers avoid falling victim to scams, while also providing insurance coverage. We are also working on expanding into the tech space, which is a natural segue from cyber insurance. We hope to bring this new product to the market soon.
R&I: What are your thoughts on the current state and future potential of personal cyber insurance, particularly in light of the increasing prevalence of AI-based scams targeting individuals?
CY: Personal cyber insurance has been around for a while in the high net worth space. However, the challenge lies in making it affordable and accessible to everyone, as individuals across all demographics are increasingly targeted by scams. I constantly hear stories about friends and family members falling victim to scams. With the rapid advancement of AI, such as scammers using voice cloning to impersonate loved ones, the average person struggles to keep up with the evolving threats and protect themselves effectively. One area of particular concern is cyberbullying, which affects countless teenagers. When it happens, parents often feel helpless and unsure of what to do. Having a partner who can provide guidance and support in such situations is invaluable, yet there are few resources available.
R&I: What concerns do you have as a parent regarding your child’s online safety, especially when they spend a significant amount of time on their phone?
CY: It’s a major concern when your child spends hours on their phone each day, and you’re unaware of their online activities. The challenge lies in knowing the right questions to ask to ensure their safety. This is where we can step in and provide guidance. We aim to equip parents with the knowledge and tools they need to navigate the digital landscape their children are immersed in. By doing so, we empower parents to proactively address potential risks and foster a safer online experience for their kids.
R&I: What are your key challenges as you build your team, stand up your business, and work to establish your brand?
CY: Building a strong team is crucial as we establish our business and brand. Finding the right talent with the necessary skills and experience is a top priority. We also face the challenge of effectively communicating our unique value proposition to potential customers in a competitive market. Differentiating ourselves and clearly articulating how we solve their problems is essential. Additionally, as a growing company, we must be strategic in allocating our resources to maximize impact. This requires careful planning and execution to ensure we are investing in the right areas to drive growth and success.
R&I: What is your biggest challenge as a leader within the company?
CY: Prioritization is my biggest challenge. There are numerous wonderful ideas and impactful initiatives we could pursue, but the challenge lies in determining where to start, where to allocate resources, and where to invest time. My mother always reminded me that anything can be accomplished with endless funds and time, but most people don’t have that luxury. As a leader, it’s crucial to keep the creativity flowing, maintain a growth mindset, and encourage ongoing conversations while ensuring that the right priorities are selected and executed upon. The good news is that we’re not lacking in ideas or potential areas for improvement. The real challenge is selecting the most promising ones and effectively executing them to bring value to the market. It’s about striking a balance between fostering innovation and making strategic decisions to drive the company forward.
R&I: What is the current size and geographic distribution of BOXX Insurance’s team?
CY: BOXX Insurance currently has a total of 53 employees, with about 15 or 16 based in the United States. As a virtual company, our team members are distributed across various locations. Some of our Toronto-based employees support the US operations, even though they don’t physically reside in the US. We’ve recently brought on a product owner, a lawyer by trade, who is instrumental in assisting with wordings, product development, and other areas where legal expertise is invaluable. Additionally, we’ve hired distribution managers to help build our brand presence. While we have a strong brand in Canada, we’ve only been in the US market for a little over a year. To accelerate brand recognition, we’re focusing on bringing in people with existing reputations in the industry.
R&I: What qualities do you look for when bringing new talent into your scale-up company?
CY: At a scale-up, it’s critical to find individuals who are open-minded and willing to learn. They can’t be rigid, only wanting to stay in their lane. While everyone has a primary role, there are always many other things that need to be done. When it comes to talent acquisition, many people are attracted to the opportunity to add value to an organization with their experience while also continuing to grow as individuals. Not many organizations provide ample opportunities for people to contribute and learn simultaneously, often due to their size and rigid structures. This environment is ideal for those who are self-starters, self-motivated, and unafraid to jump in and do whatever is needed. They should be comfortable throwing out ideas, even if others might initially question them. Keeping the conversation going is key. In our company, everyone wears multiple hats, and they enjoy that aspect of their work. Finding the right people who thrive in this type of setting is essential for a scale-up’s success.
R&I: What is the importance of creating a safe environment for employees to share their ideas, even if they might seem ridiculous at first?
CY: Creating a safe environment for employees to share their ideas is crucial, even if those ideas might initially seem ridiculous. In large organizations, people often have great ideas but may be afraid to share them due to fear of how they will be perceived or treated if the idea turns out to be suboptimal. As leaders, it is essential to create a safe space where people feel comfortable being vulnerable and putting forth ideas that might be unconventional. Without such an environment, potentially amazing ideas may never surface. Ultimately, fostering a culture where employees feel secure in sharing their thoughts, regardless of how outlandish they may seem, is key to unlocking innovation and creativity within an organization.
R&I: What role can technology play in achieving your goals at BOXX Insurance, particularly in terms of resource allocation and efficiency?
CY: Technology can make a significant impact in our industry by automating administrative tasks, freeing up our human resources to focus on idea generation and big-picture thinking. By leveraging tools like OCR and large language models, we can streamline our relationships with distribution partners and collaborate more efficiently. However, the goal isn’t to replace human interaction entirely with chatbots or robots. Instead, technology should enable our people to spend more time building relationships with customers who prefer human interaction. Another crucial aspect is data utilization. For years, valuable data has been trapped in emails, PDFs, and Word documents. By digitizing this data and making it accessible in a digital environment, we can unlock its full potential through advanced data analysis capabilities. The possibilities are endless once we free this data from its current confines. Imagine what our people could achieve if they were no longer bogged down by manual data handling tasks. That’s the kind of future I envision technology enabling for us.
R&I: What excites you about the future of the insurance industry, and how do you see BOXX Insurance playing a role in shaping that future?
CY: The insurance industry has evolved many times over the hundreds of years it has existed, and I believe we are at another exciting point in its evolutionary cycle. As a leader, it’s thrilling to imagine what the next 20 to 30 years will look like for the industry. I envision the insurance employees and roles of the future will be quite different. We need to train people now to become these future professionals, making them comfortable with technology and bringing together risk management, insurance, and technology expertise. Data analysis and analytics also fall under this technology umbrella. I see BOXX as a place where we can help shape the future of the industry by experimenting with new approaches and developing the skill sets that will define the insurance professionals of tomorrow.
