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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
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State Farm
Allstate
Metlife
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 and . 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.
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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 PowerPoint I had put together in 2021 And a
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
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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
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Insurance Team v. Solo
Total Seats
Average Seats
Total Industry Payment Amount (Monthly)
Average Payment Amount (Monthly)
1
Solo
425
1
$66,262.31
$155.91
2
Team
1625
23
$199,816.72
$2,814.32
3
Grand Total
2050
4
$266,079.03
$536.45
There are no rows in this table
The data seems to point to a few things:
With 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
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Account number
Name
Email
Time with PB
1
714383049
Christian Krueger
1 year
2
786832127
Greg Wright
Over half a year
There are no rows in this table
Part 3: Networking opportunities
Upcoming Conferences
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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
Who will be going to InsureTech
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State Farm
Yes
Allstate
Yes
Metlife
Yes
Nationwide
Yes
Progressive
Yes
Liberty Mutual
Yes
USAA
Yes
Farmers
Yes
Geico
No
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 - - Team: 29 Seats - With us for 2.5 years. Equitable - - 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)





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