3 Key Things We’ve Learned Since Launching EmbrokerEmbroker News
Just over two months ago, we launched Embroker to the public. It’s been an amazing journey so far and we’re excited for what’s ahead.
The question I’m most often asked now is also the most obvious one: “So, how is it going?” As we close out the year, we’ve gone back and analyzed our performance since the launch and — in keeping with our focus on transparency — decided to share how it’s gone thus far and, as importantly, what we’ve learned.
A new approach is a welcome change
We founded Embroker with a desire to make insurance work better for businesses by tackling the huge inefficiencies in the commercial insurance market.
Is it working? Without a doubt. Here’s what we know so far:
- Average savings on Workers Compensation policies alone are upwards of 20%, with companies spending between $30K and $300K seeing the highest rate reductions overall
- More than 70% of companies joining Embroker are getting improved coverage and/or reduced pricing at their first renewal
In the two months since launch, we’ve processed more dollars of premium than during our 10 months of beta. The concept of real dollar savings and an easier, more modern experience for our customers has definitely been validated.
Knowledge is power
One startling discovery we’ve made is how much companies are being underserved by the industry status quo, and how they’re generally unaware of this fact.
The root of the problem is lack of education. We know that other brokers don’t offer anything in the way of technology, but we were surprised to learn just how little time they spent educating their customers. That’s likely because these same brokers also benefit from an intentionally muddled process — and customers who depend more on them are less likely to switch providers.
For example, there’s a popular misperception that switching insurance providers is a slow and painful process. This simply isn’t true — or at least not anymore. On the Embroker platform, companies can move to a better broker with just a few clicks and an electronic signature.
Over the next year, we’ll be creating and sharing engaging educational content to help companies save time and money throughout all parts of the insurance process.
Insurance is a target-rich environment
We’ve also learned that the high volume of pain points and inefficiencies in commercial insurance — not to mention the complexity of the ecosystem — make it impossible to address everything at once. Many of the features we’ve built could be products within their own right, and nailing them all requires iteration.
What this really means is there is a huge amount of things for us to build and to improve. We’re getting great feedback on what we’ve built so far, but we also get requests every day for new solutions and features.
The challenge comes down to 1) prioritizing effectively, and 2) working with our insurance partners to ensure seamless integration with their products whenever possible. Both are challenging in their own right but executing on both fronts will pay huge dividends in what we can offer our customers.
Overall, this is welcome news for us, as it means we charge ahead into the New Year with a fully-loaded roadmap, a growing list of satisfied customers, and a steadfast, dogged resolve to fundamentally improve our industry.
If you need more help or information to intelligently insure your business, you can reach out to our team of expert brokers. Or, if you prefer to get started on intelligent quotes, you can get started by creating an Embroker account today.
Joe Wasserman is a key member of the Customer Success team at Embroker, where he provides accountants and lawyers with customized coverage. We sat down with Joe to ask him about his work and discovered a few unique things along the way. From what being your “insurance guy” means to him to his penchant for […]