So, on top of an already difficult challenge of running an insurance agency, getting carriers to like you, building a client list and rallying our insurance agents and staff to be the best they can be, we have zero visibility if anything is actually working or not. Sure, we’re generating sales, but at that rate, it would take us 40 years before the agency is going anywhere. We were suffering from KPI blindness because we didn’t really know if it was working or not. We couldn’t see.
Any quick math could tell us how much money, clients, conversions were flying out the window. We hit a wall. What do we do from here? We decided we would fight back and didn’t settle for that. We didn’t accept that is the way things should be. With our wealth of in-house insurance pedigree, we knew the insurance industry was fundamentally broken. We wanted to make a mark, to make a change for the better, to modernize and bring the insurance buying experience to the next level. To really improve how people were buying insurance.
We were inspired to create something new, take that big first step in the right direction. Turns out we were right. Major insurance carriers were inspired and invested in us. Venture capital firms invested in us. We had the capital to build what the insurance industry needed. We started building our dream platform and our agency started using it 100%.
For the first time, we could see every data point we possibly could. We could see how bad it really was. Our pre-canned BMS “Rater” software (that seemed great at first) had +95% abandonment rate. That means every 20 user going through the flow, only 1 was turning into a pre-qualified lead for the agency, and with the standard 10% closure rate through pre-qualified leads, we were closing 1 insurance policy in every 200 users. Literally terrifying!
Most agencies are currently using this and don’t even know how much it’s really costing them. It’s crippling. We knew that we had to right the wrongs to change this for the better.
Founder, CEO
Co-founder, COO
Co-founder, CDO
Co-founder, CDO
CTO
Director, Finance and HR
Director, Partnerships
Director, Distribution
Senior Developer