Insight
Having a second child is the top catalyst for buying life insurance
“The biggest trigger for life insurance is having a child. Specifically what we have found in our consumer research, it's having child number two, because when people have their first child, they're so overwhelmed with now they're a parent, right, and getting t…”
Disclosure
Policygenius plans to evolve from broker to first-party insurance issuer
“Eventually, yep. We look at our journey similar to Amazon or Netflix which started in the third party world. Consumer goods in the case of Amazon, content in the case of Netflix, and they eventually moved from third party to first party, where they were actual…”
Insight
Entrepreneurial success is mostly luck; hard work is just table stakes
“I think the balance is always more toward luck, to be honest with you, because I've seen a lot of people who just work so, so, so hard and you know, it's wrong idea or right idea, wrong time or you make a couple bad decisions early on. A few things don't break…”
Insight
Selling insurance to millennials proves a company can sell anything
“Listen, if you can figure out how to sell insurance to millennial consumers, You could sell anything to anybody. Full stop.”
Assertion Supported
In 2013, no end-to-end multi-product digital insurance marketplace existed
“You had a couple lead generation companies. That would put up a landing page promise you quotes or insurance, but then, you know sell your contact information to either insurance companies or to insurance agents. You had e-health insurance that focused on heal…”
Opinion
Disability insurance is critical for workers, yet most are dramatically underinsured
“Disability insurance is income protection insurance. So if you were to get sick or suffer an injury and couldn't work, it replaces your paycheck for a defined amount of time. Right. So probably the most important type of insurance for working individuals to ha…”
Assertion Partly supported
Life insurance generates much higher profit margins than property and casualty
“They have much healthier profit margins on life insurance than they do for property casualty insurance, where the claims are far more frequent.”
Disclosure
Policygenius is heading toward profitability and considering an IPO
“We are heading towards profitability and we are thinking about what's next for us on the capital markets horizon and maybe going public sooner rather than later.”
Opinion
The World Bank has massive inertia and struggles to drive innovation
“After having spent a couple of years on the inside and seeing very mission driven, very, very smart and passionate people, but you are a gear in a very, very large machine that has inertia and doesn't tend to move very quickly or very or drive a lot of innovat…”
Insight
Insurance actuaries were the original data scientists
“The original quote unquote data scientists were actuaries, right? So these were people who were looking at mortality tables, morbidity tables, dating back hundreds of years, right? Because insurance has been around for hundreds of years and creating models to …”
Assertion Supported
Policygenius raised $735,000 in angel funding after missing $1M target
“We raised, so we fell short of our million dollar target. We raised 735,000 dollars, and we said, you know what, that's enough, let's see how far we can stretch this.”
Assertion Supported
Insurance keywords on Google cost upwards of $40 to $60 per click
“It's one of the most expensive AdWords that you can purchase on Google. The word insurance and insurance related terms can go upwards of 40, 50, 60 dollars a click.”
Assertion Not checkable as stated
Policygenius's SEO strategy took two to three years to deliver results
“So it took us, our content SEO strategy Probably took a good two to three years to really start to see results in terms of our traffic and in terms of business results.”
Assertion Not checkable as stated
Policygenius received only one term sheet for its Series A round
“That was the only term sheet that we got The only yes that we got from the VCs that we pitched that round, and he's still on our board to this day.”
Assertion Supported
The US insurance market sees $1.2 trillion in annual written premiums
“About 1.2 trillion dollars of premium is written every year in the U.S. On insurance and it's roughly fifty-fifty, so half is on life accident and health, so call it 605 to six hundred billion on life accident and health.”
Assertion Not checkable as stated
The average Policygenius customer is 36 years old
“Our average customer is 36 years old, and in that home buying, having children married for a few years stage of their life.”
