Quilt Under Construction & Under New Management
BLUF (Bottom Line Up Front): Bungalow comes to mind.
Now, from the beginning.
Established in 2015, Boston-based Quilt has raised ~$3m since its inception to offer renters and life insurance via an easy-to-use mobile-optimized platform that lets people buy insurance from their smartphones in under five minutes ($5 would have been better but I digress). The digital MGA worked with Security First Florida and Stillwater to offer renters insurance, and with Lumico on its life insurance product.
Later, in Feb. 2017 it announced the hiring of Nichole Mace as the head of product, and Tytana Yap to lead customer acquisition efforts. Nicole stayed with Quilt through May 2018 (according to Quilt). Tytana left after 7 months.
Then came more changes.
- It launched a selfie quote for life insurance; file under ‘wait, but why?’
- It dropped its D2C life insurance offering to act as a lead-gen player via a partnership with Quotacy
- It added other lines of business – e.g. pet, auto – to its lead-gen/referral business
Then came the big change.
“In an effort to expand into new product offerings, modern life insurance agency, Haven Life , today announced that it’s acquiring Quilt, a leading online insurance broker.” The press release went on to say that “The acquisition of Quilt is proof positive that Haven Life is continuing to grow and deliver on its mission to create a new kind of customer-centric buying experience that’s powered by industry-leading technology.”
The thing is, customer-centric buying experiences is hardly a bulletproof strategy to acquiring customers. Sorry but….
One last thing. “Quilt will now focus its attention on rethinking the buying experience for longevity products, with a specific concentration on how wealth annuitization can help address the financial concerns of future retirees. Quilt will no longer sell or manage renters or term life insurance. Existing customers have been notified and are appropriately transitioning to the policy issuer.”