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Insurance Report

In this report, I will be diving into 9 of the largest Insurance companies in the US. I will explore these companies’ past TCPA Lawsuits, the leading insurance dialer competitor, and the best conferences to go to obtain a greater network in this market.

Part 1: Compliance and Lawsuits.

TCPA Lawsuits

TCPA Lawsuits

State Farm

2014

Allstate

2015

Metlife

⁠

Fax Lawsuit⁠

⁠

Nationwide

Progressive

Liberty Mutual

USAA

Farmers

Geico

Could not find

⁠

It can be almost certainly stated, from my research, that a large portion of major US insurance firms have gone through TCPA lawsuits in the last decade. As most of these firms lost millions of dollars, most may have an incentive to use a compliant dialer like PhoneBurner.

Part 2: Competition & Market

Main Competitor

The biggest dialer in the space right now seems to be Call Logic. They are the “official dialer” of both

Farmers Insurance⁠

and

Allstate⁠

. Below are some screenshots from their insurance dialer page.

Screen Shot 2022-08-29 at 9.41.36 AM.png

⁠

Even though they state that they are the only approved dialer, PhoneBurner currently has users that are Allstate or Farmers insurance agents. (More detail about that below)

Selling Points:

⁠

Screen Shot 2022-08-29 at 10.07.44 AM.png

⁠

Quotes:

⁠

Screen Shot 2022-08-29 at 10.08.03 AM.png

⁠

Pricing:

⁠

Screen Shot 2022-08-29 at 10.08.19 AM.png

⁠

Overall, Call Logic has a very similar compliance offering, but their product is not as polished.

My last ranking of this competitor v PB (2021):

In 2021, I went through around 25 of PB biggest competitors. Below is some of the information I had put in the report the compares PB to Call Logic.

PhoneBurner

Rank

4th

Grade

88.13

Dailer

Best

CRM Support

Great

Repoting

Mediocre

Inbound

Average

SMS

Above Average

Demo/Onboarding

Best

UI (Look)

Above Average

Ease of Use

Average

Call Logic

Rank

20th

Grade

79.63

Dailer

Above Average

CRM Support

Good

Repoting

Mediocre

Inbound

Above Average

SMS

Average

Demo/Onboarding

Bellow Average

UI (Look)

Average

Ease of Use

Average

⁠

Here is also a

CallLogic⁠

PowerPoint I had put together in 2021 And a

Link to the full 2021 competitor report⁠

⁠

The data from 2021 suggest that we could have a huge edge on our product offering, if we decide to compete more heavily in the insurance agent market.

Market

Below is some information on our insurance industry that I gathered this summer based on the industry’s short term and long term churn, and the number of Insurance accounts (Team and Solo) we had gotten in the last 2 years. (as of April 2022)

2020 - 2022 Industry Churn Data

2020 - 2022 Industry Churn Data

Insurance

1142

Insurance

Average %Retained After First Year (April 2020 - April 2022)

24.3%

Average %Retained After First Month (April 2020 - April 2022)

79%

Number of Insurance Accounts we got in 2 years

1142

⁠

With a grasp on the retention rates of our insurance customers, I wanted to dive into the profitability of our current insurance customers.

PB's Current Insurance Customers

PB's Current Insurance Customers

Insurance Team v. Solo

Total Seats

Average Seats

Total Industry Payment Amount (Monthly)

Average Payment Amount (Monthly)

Solo

425

$66,262.31

$155.91

Team

1625

$199,816.72

$2,814.32

Grand Total

2050

$266,079.03

$536.45

There are no rows in this table

⁠

The data seems to point to a few things:

With

36,000 independent agencies in the United States in 2020⁠

and $2,800 on average coming from each insurance teams there is definitely a huge market out there!

Let’s say that just 1% of the market would be willing and able to utilize phone-burner and a quarter of them will stay for more than a year. That is would lead to an addition of $250k a month and 90 new midsize teams.

Should we go after the big players?

Of our current customer base these are how many we have from major insurance companies:

⁠

Screen Shot 2022-08-29 at 2.28.24 PM.png

⁠

We currently have only small account sizes in this space, and the customers that are using PB are doing so even though their parent company has deals with Call Logic. This data begs me to question whether Call Logic really does have these insurance deals or they just have not been caught. On top of that, these customers that we have may have switched to PB from Call Logic. This would be a great insight!

I found 2 of our current customers that work as Farmers or Allstate agents, and I put there contact information below. Reaching out and hearing how PB has helped them (and could help others like them), may give us the final information we need to go after this market with full force.

Potential Contacts

Potential Contacts

Account number

Name

Time with PB

714383049

Christian Krueger

ckrueger@farmersagent.com

1 year

786832127

Greg Wright

gregwright@allstate.com

Over half a year

There are no rows in this table

⁠

Part 3: Networking opportunities

Upcoming Conferences

Upcoming Conferences

InsureTech (Top Choice)

September 20-22, 2022

Explore the future of insurance regulation

September 2022

New tech in insurance

April 2023

InsureTech (Top Choice)

Date and Link

⁠

September 20-22, 2022⁠

⁠

Who will be going to InsureTech

Who will be going to InsureTech

State Farm

Yes

Allstate

Yes

Metlife

Yes

Nationwide

Yes

Progressive

Yes

Liberty Mutual

Yes

USAA

Yes

Farmers

Yes

Geico

⁠

In my opinion InsureTech would be the best conference to network at. This is by far the biggest insurance tech conference that will happen any time soon!

Part 4: Conclusion

I can not conclude that the market for major US insurance companies is there for certain. But, I can conclude that there is plenty of money that PB can make from the insurance market. Getting one major player to promote PB to their company’s agencies would be huge, but it may be a long shot. If we get a testimony from one of their agents (Allstate or Farmers) about how effective our software is, the chances of us obtaining a major player may grow significantly higher (And will prove that we are a good tool in this market space). A more realistic positive outcome would be that at the InsureTech conference (If you are able to go) you are able to network with smaller companies of influence that could help us secure 10-20 mid size insurance teams, in the US, that may add on $30,000+ to our monthly revenue steam for the next couple years. The worst outcome would be that you could meet up with PB customers’ companies are going to InsureTech, and you can connect with them and their network.

PB Customer’s who’s company is going to InsureTech

HSB -

alexander_noser@hsb.com⁠

- Team: 29 Seats - With us for 2.5 years. Equitable -

jason.pyun@equitable.com⁠

- Solos - With us for over 1 year (We have a lot of equitable solos accounts) And Allstate and Farmers (Contact info can be found earlier in the document)