Comparity Overview Presentation
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This document summarizes an insurance comparison website that aims to simplify the insurance shopping process for customers and generate qualified leads for agents. For customers, the website allows them to easily obtain multiple quotes from various carriers through a single application, without having to provide personal information multiple times. For agents, the website provides completed applications and the potential for multiple sales. It focuses on personal lines like auto and home insurance, and partners with referral sources like real estate agents. Metrics show strong growth in comparisons, employees, sales and profits. The company is seeking a $1.5 million investment to further develop its technology platform, expand sales efforts and fund advertising.
Comparity Overview Presentation
- 1. “Connecting Insurance Shoppers and Insurance Agents”
- 2. Shopping for insurance is hard for customers. ● Rate estimators sell your info and you get harassed ● Completing multiple applications is time consuming ● Leads are expensive and oversold Old marketing strategies fail insurance agents. ● Applications are incomplete ● Quotes are confusing
- 3. One application access to 30+ carriers Multiple quotes that are ready to buy Unbiased support on demand HOW WE SIMPLIFIED INSURANCE SHOPPING Apples-to-apples comparisons Quotes from both captive and independent insurers
- 4. CUSTOMERS INSURANCE AGENTS CONSUMERS REFERRAL PARTNERS • Pay 14% of premium if they win • Receive completed applications • Multiple “profitable” policies • Long-term clients • Must have product for 176M drivers and 80M homeowners • $235B personal lines industry • Desire our features • Lack of similar product • Realtors/Mortgage Lenders • Streamlines closings • Saves deals • Value added service • Sources of repeat referrals • Reach consumers at critical point
- 5. Metrics Actual Quotes vs. Estimates Actual Quotes Estimates (Quotes from their brand) Estimates Estimates/Quotes Personal Info Safeguarded Sold Sold Sold Captives Offered YES NO YES (only rate filings) NO Personal Agents ALWAYS NO NO SOMETIMES Delivery Time 2-3 Hours Instant Instant Varies Sell & Service Policies Sell Only Sell Only Sell Only Sell & Service Some All Personal Lines YES Auto and Health Auto Only Auto and Home COMPETITIVE MATRIX
- 6. WINNING MARKET SHARE FOCUS ON THE HOMES! • Multiple Policies, Discounts, No competition TARGET REFERRAL PARTNERS • Cost effective, less competition, repeat referrals LEVERAGE OUR UNIQUE STRENTGHS • Free press (Clark Howard, Suzy Orman, Dave Ramsey) and word of mouth referrals DEVELOP KEY PARTNERSHIPS • Quicken Loans, Lending Tree, Zillow
- 7. SCOTT HUNTER PRESIDENT/FOUNDER KEVIN CURRY CTO Company Vision Knowledge of insurance underwriting Licensed P&C Agent Sales & marketing background William & Mary graduate Tech Strategy Product Management Patenting Web & Mobile Growth Agile development background Virginia Tech BS/MS
- 8. ACCOMPLISHMENTS & PROJECTIONS Metric 2013-14 2015 2016 2017 Comparisons 1,000+ 11,907 102,888 314,957 Employees 2 57 154 292 Sales $135,449 $3.5M $20M $43M Expenses $236,211 $4.0M $14.4M $24M Profits (Losses) ($100,762) ($.5M) $4.6M $19M 1000+ clients served = invaluable experience/feedback 60% Close Rate vs. 30% industry average $294 Average Fee/$2100 average premium per customer Implemented first phase of Tech Plan
- 9. THE INVESTMENT OPPORTUNITY We are seeking an equity investment of $1.5M in exchange for 30% equity Funds will be used to: – 1/3 to complete Phase 2 of Tech Plan using in house development team – 1/3 to hire sales staff in top 10 home sales markets – 1/3 to advertise on social media and meet operational costs prior to break even A full copy of the business plan and 5 year pro-forma financials are available for accredited investors.
Editor's Notes
- #3: To understand the impact of our value proposition let’s take a look at how people buy and sell insurance now. [Click through and read bullets]
- #4: Here’s how we serve our customers. [Click through and Read bullets] Our approach, unlike our competitors, is to give as many insurance agents as possible a fair shot at winning an insurance buyer’s business while protecting the buyer from intrusive sales tactics. We do this by automating the application and quoting process and offering guidance from unbiased, licensed professionals when it’s needed. We know that both technology and personal touch are needed. That’s what we offer.
- #9: Here’s what we’ve done so far and where we are headed if you join us. We spent the past two years getting to know every aspect of this business within our local market. Now we want to get in front of 300,000 people over the next three years to close 150,000 customers in 2017. That’s $46.25M in sales and $19.7M in profit - a 42.5% Gross Margin overall.