Wade Millward, CIC

Co-Founder

rikor.io

Founder of rikor – next-gen digital insurtech platform - instant verification and real-time monitoring – a dream that one day the industry will evolve – hope that I can be part of that change – inspiration for those that think big

If you’re interested in changing the world, as it relates to insurance technology, let’s chat.

CEO and Founder

Insurtech-Utah

VISION - Advance insurance innovation and technology ecosystem in Utah

MISSION - Provide tools, networking, community, and events to build Utah's insurance technology ecosystem.

Millward Agency

Anyone can sell insurance, it takes a specialist to understand what the individuals that make up that business actually need. This understanding makes purchasing insurance more personal, more specific to the business it's in place for. The ultimate goal is have a complete understanding of the business, its operations, key personnel and their roles within the organization. Then and only then are we able to create a program that effectively transfers risk away from the business through commercial insurance products.

Executive Sales

Focused on developing our transportation segment within our family owned agency by offering unique solutions to the transportation industry. I focus on providing valuable resources to mitigate risk, implement safety and ultimately reduce costs.

Through our proprietary platform, Genesis, we are giving the power back to the motor carrier by enabling them to book loads faster, log more miles, haul more freight, earn more money and improve cash flow. We've also included features in our platform to allow our clients to reconcile their fleet in real time, and see all currently listed drivers in real time.

Chief Marketing Officer Transportation Division

Head of all technology implementation at our family owned agency. We have developed our very own agency management system, allowing us to offer unique solutions to specific niche industries in the coming months and years. As we identify pain points across multiple verticals we have found that the current state of the insurance industry lacks a combination of insurance expertise and technology know how. 

Too often we have seen a technology guru enter the insurance space thinking they have found an issue, more often than not, it's a fabricated issue that has already been solved. Linking the two is extremely powerful and will allow us to accomplish our big hairy audacious goals. 

As CTO I look to integrate the two seamlessly without forgetting the power of human interaction. Complete automation is not a goal nor should it ever be. There is far too much power in personal connections with those around us, machines are simply here to help us do what we do best.

Chief Technology Officer

As product owner of our in house proprietary agency management system I planned all project development and managed backlog of tasks. 

I hired and managed a small team of off shore developers and organized all projects. This included understanding the journey of the user, wireframing, storyboarding, creating descriptive outlines for user experience, frequent collaboration with offshore team and reviewed all completed work, accepting or rejecting. 

Implemented many features which created significant efficiencies throughout the organization, allowing our team to handle more volume than an average agency relying on a standard 3rd party system. 

With my deep knowledge of insurance products, the insurance lifecycle and insurance workflows we were able to focus on the highest priority features. 

Building an agency management system in house and with the assistance of those working within the insurance industry day in and day out we truly had a unique platform that assisted in all aspects of our duties.

Product Owner

Contact me to learn more!

-	Via email at 𝘄𝗮𝗱𝗲@𝗿𝗶𝗸𝗼𝗿.𝗶𝗼
-	Book a call today at 𝗵𝘁𝘁𝗽𝘀://𝗰𝗮𝗹𝗲𝗻𝗱𝗹𝘆.𝗰𝗼𝗺/𝗿𝗶𝗸𝗼𝗿/𝟯𝟬𝗺𝗶𝗻
-	Send me a DM just to chat

Have you ever had one of those ubiquitous “ah-ha” moments?

I did and it set me on a course to create Rikor and solve a 30-year old insurance industry problem. After learning every aspect of the franchisee/franchisor business model, I found a hidden risk exposure.

And it was a 𝗕𝗜𝗚 one!

You and I both know franchisors are “vicariously” liable for 𝗔𝗟𝗟 the operations of their franchisees. So, to mitigate this risk, franchisors will collect certificates of insurance (COI). 

The problem? 

Certificates of insurance are practically worthless! COIs… 

•	Are not contracts
•	Provide no guarantees 
•	Can be easily manipulated
•	Offer no rights to the franchisor 

In fact, COIs are one of the 𝗺𝗼𝘀𝘁 𝗱𝗮𝗻𝗴𝗲𝗿𝗼𝘂𝘀 documents passed between franchisees and their franchisor. The possibility of a claim landing in the franchisor’s lap is very real and potentially 𝗰𝗮𝘁𝗮𝘀𝘁𝗿𝗼𝗽𝗵𝗶𝗰. 

Rikor was born to create a modern, technology driven solution to this antiquated COI system. The result is a fully integrated platform providing franchisors with a real-time pulse on their franchisees’ insurance. This means…

•	No more PDFs
•	No more spreadsheets
•	No more uncertainty of risk!

The power of the Rikor platform also allows us to leverage the collective buying power of the franchise system to lower insurance costs.

Together, let’s reduce risk, save time, and lower insurance costs!

Most franchisees aren’t trying to break rules.
They’re trying to keep the doors open.
They are hiring people.
They are serving customers.
They are managing cash flow.
Insurance feels confusing.
The words feel like another language.
So they do what most people do.
They send whatever they can find.
Sometimes the broker sends generic coverage.
Sometimes renewal papers show up late.
Sometimes money is tight and coverage gets cut.
Not because they want drama.
Because stress makes people rush.
If you want better compliance, make it clear.
Show exactly what you need.
Say why it matters.
Repeat it the same way every time.

#franchise #franchising

Founder | Franchisor Insurance Advisor | FDD Consulting | Insurance Compliance Tech Built for Franchising | 100+ Brands | 90+ NPS

Most franchise brands don’t get hurt by one big mistake.

They get taken out by one “small” incident they didn’t see coming.

Today at 12:00 PM EST, hear why Tony Hulbert (CEO of HorsePower Brands) invests in a culture of safety + risk management - and what he's seen it prevent behind the scenes. 

Plus, franchise attorney, JoyAnn Kenny-Charlton (partner of FisherZucker LLC | Franchise Attorney) will break down real scenarios that can silently put a brand in a corner fast.  

I’ll be speaking about the five pillars of franchise risk management: C-suite buy-in, culture, education, building an MVP, and implementing a Compliance Operating System.

Our host and moderator, Keith Gerson, will be facilitating the discussion. He brings nearly 50 years of franchise experience as a franchisee, franchisor, supplier and advisor to many brands. 

Registration in the comments.

#franchise #franchising

Automation is a must.

But it can’t do everything.

Software can send reminders.

It can collect files.

It can track dates.

It can flag missing items.

That saves time.

That reduces mistakes.

But software can’t use judgment.

It can’t handle a hard conversation with a stressed owner.

It can’t decide when enforcement must happen.

People do that part.

Automation creates capacity.

Judgment creates protection.

You need both to stay safe.

#franchise #franchising

Reminders work.
Until someone goes silent.
Then the real work begins.
A franchisee stops replying.
Documents don’t come in.
Deadlines get ignored.
If nothing happens next, everyone learns a rule.
Compliance is optional.
Silence starts to mean permission.
And the whole network gets weaker.
This is where leadership matters.
Not yelling.
Not shaming.
A clear, predictable escalation path.
Early communication.
Consistent follow-through.
Same standard for every unit.
The goal is not punishment.
The goal is protection for the brand and the owners.

#franchise #franchising

Insurance is not set-it-and-forget-it.

It moves all year.

A policy can change.

A limit can drop.

A coverage can end early.

If you only collect a COI once, you go blind.

That’s like checking your brakes one time.

Then driving for months.

A real process follows the policy life.

Set expectations during onboarding.

Verify the full policy, not just the COI.

Monitor coverage during the year.

Start renewal early to prevent gaps.

When the rhythm is steady, people become more willing

Because it feels normal.

Not random.

#franchise #franchising

Expanding the team, moving into an exciting time as a company. Systems have been established and continue to be refined. Team members are leveling up, owning their roles, shaping the company, and attacking goals. 

We are looking for people who fit our values: 
  Relentless Innovation 
  Empowered Action 
  Go Above and Beyond 
  Stay Hungry
  Authenticity

Let's connect, talk, get to know each other. I want to hear about you, your goals, what makes you get up in the morning. When you win, win. 

#insurance

Director of Franchisor Success

We are #hiring! We are looking for a confident, client-facing insurance professional who knows how to guide business owners through important decisions. As a Franchise Insurance Consultant, you will be the main voice supporting our franchise clients during their renewal cycle. Your job is to make renewals feel simple, personal, and clear.

Stop protecting your Item 19. It’s going to hurt your business.

I’ve talked with a lot of franchisors about insurance, risk management, and how to finance risk the right way. And the first pushback is almost always the same:

“We have to protect our Item 19.”

That mindset is backwards.

Franchisors get so focused on keeping franchisee operating expenses as low as possible that they miss the real risk: a single uninsured claim can wipe out the very business that’s supposed to produce royalties for years.

Yes—doing insurance correctly can marginally increase what shows up in Item 19.

But it exponentially increases protection against the claims that actually destroy franchisee businesses.

This isn’t an “expense” problem.

It’s a framing problem.

Insurance isn’t a line item to minimize.

It’s an investment in protecting the asset—the franchise business—that you’re relying on for long-term royalty income.

When insurance is done wrong, you don’t just create a coverage gap.

You threaten the entire franchise investment.

#franchise #franchising

𝐓𝐡𝐞 𝐂𝐎𝐈 𝐅𝐚𝐥𝐥𝐚𝐜𝐲: 𝐖𝐡𝐲 𝐘𝐨𝐮𝐫 𝐅𝐫𝐚𝐧𝐜𝐡𝐢𝐬𝐞 𝐁𝐫𝐚𝐧𝐝 𝐈𝐬𝐧'𝐭 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐞𝐝

When a franchise executive says, “We collect Certificates of Insurance (COIs) from everyone,” they think the job is done. The uncomfortable truth? A COI is the bare minimum—it’s just a piece of paper, not a contract. It offers an illusion of security.

For founders and private equity leaders, this gap is your biggest blind spot. Your network is a chain; one uninsured unit can collapse due to a lawsuit, and the resulting liability radiates across your entire system, damaging the brand’s structural integrity.

The COI fails because it hides critical flaws:
• It’s Not a Contract: It won't show the missing Waivers of Subrogation or hidden policy exclusions that void coverage for core operations.
• Entity Mismatch: It doesn't confirm the insured entity is the correct legal operator.
• It’s a Snapshot: It’s instantly outdated and doesn't account for mid-term policy cancellations due to non-payment.

The Real Compliance Lifecycle (6-10 Months):

1. 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐅𝐢𝐫𝐬𝐭: Don't demand documents. Teach franchisees why insurance protects their investment from bankruptcy. This shifts the relationship from friction to partnership.

2. 𝐄𝐯𝐨𝐥𝐯𝐞 𝐭𝐨 𝐕𝐞𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Stop collecting and start verifying. You must dive into the policy contract to ensure all required endorsements are present and correct.

3. 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐨𝐮𝐬 𝐌𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠: Risk changes daily. You need systems to monitor lapses and changes year-round, not just at renewal.

Insurance compliance is a leadership responsibility, not a clerical task. When you move from hoping you are covered to knowing you are protected through intentional verification, your brand's stability and valuation are fundamentally strengthened.

taplio

Wade Millward, CIC's Linkedin Analytics