INSHUR hits growth milestone with $12m of GWP delivered within the first six months of business
The team grows as it hires a new Head of Customer Experience, Head of Marketing and Head of Business Development
INSHUR has today revealed some of its growth figures and announced three new appointments to support future growth. In February 2018 INSHUR officially launched its fully digital product to help professional drivers in New York get insurance cover faster and more conveniently.
Six-month growth statistics at a glance: (February – August inclusive)
- Gross Written Premium (GWP) $12m
- 3,000 customers
- 50% conversion rate between quote and buy
- At our busiest point, before the cap, we were 34 policies per hour
- 1,500 new app installed each month (*average)
- Fastest time to buy a policy 171 seconds
Generating $12m in premium in the first six months underlines a market appetite and indicates product-market fit. The growth and learning from New York provide a blueprint for future growth into the UK and other European rideshare markets.
Backed by one of the worlds largest and most secure global re-insurers, the mobile first, fully digital product, has been finding favor amongst professional drivers.
In the days leading up to the TLC cap becoming law, the app saw well over 1,000 drivers obtain quotes and buy insurance via their mobile phone. “We saw a rush by drivers looking to purchase coverage quickly,” said new Head of Customer Experience, David Kleinman. Adding: “Our platform was easily processing an average 250 policies per day, some days almost 400, that’s around 17 policies every hour.”
See how the INSHUR app works: Video explainer
The experienced team has identified a real-world problem for customers, developed a technology solution, and delivered it to the market fast. INSHUR addresses a broken process where professional drivers had to take time away from driving to get insurance. Making an appointment to visit a broker, printing and signing forms is at odds with the new, mobile-savvy generation of drivers, who work for the likes of Uber and Lyft.
The business has made three senior hires to continue to deliver customer-focused growth. The appointments include David Kleinman as Head of Customer Experience, Paul Doran as Head of Marketing and Thad Hall as Head of Business Development.
David Kleinman brings a background in technology, financial services, insurance and healthcare for startup and Fortune 100 organizations. His focus is on leading service driven corporations and building customer success strategies. He will lead the customer experience team at INSHUR.
Paul Doran has spent 20 years working in technology marketing, much of this time advising technology growth businesses. He will oversee all marketing as INSHUR expands around the globe.
Thad Hall is an #insurtech entrepreneur with strategy, business development, and product innovation experience. He has held startup, co-founder and corporate roles with Y-Risk, XL Catlin and Travelers. He will oversee strategy and business development as INSHUR offers new products and enters new markets.
Co-founder, Dan Bratships spoke about the year so far: “We have been pleased with the response to our new product in the market. We remain focused on delivering a product which meets a real-world need today and we are delighted with the 51% customer conversion rate. The new team appointments help us maintain this position. We must excel in customer service and our marketing needs to reach into the heart of the driver communities our product serves .”
