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.
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
The biggest dialer in the space right now seems to be Call Logic. They are the “official dialer” of both
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.
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
Average %Retained After First Year (April 2020 - April 2022)
Average %Retained After First Month (April 2020 - April 2022)
Number of Insurance Accounts we got in 2 years
With a grasp on the retention rates of our insurance customers, I wanted to dive into the profitability of our current insurance customers.
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:
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.
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