Embroker Team October 20, 2022 3 min read

3 Key Things We’ve Learned Since Launching Embroker

a woman and a man discussing how key person insurance works

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. 

Related Articles

A lawyer is holding a figurine of a courthouse. As we examine the biggest cyber threats to law firms in this article, it's interesting to think about, while physical presence is so important in law, the digital world poses a major threat.
The Biggest Cyber Threats to Law Firms

The Biggest Cyber Threats to Law Firms

5 min read

Risk is all around us. There’s the extreme physical kind, including earthquakes and sidewalk punchers. Then there are digital risks, like hackers who target individuals and businesses alike. That’s part of the reason why keeping track of the biggest cyber threats to law firms is so important. Law firms are increasingly targeted by cybercriminals due […]

Read More
A lawyer stands holding a folder with a scale on it, indicating that they are holding a law firm cyber attack response plan.
Law Firm Cyber Attack Response Plan

Law Firm Cyber Attack Response Plan

7 min read

As a lawyer, your clients trust you with their most confidential information, making you a prime target for cybercriminals who are increasingly targeting law firms. But, do you have a law firm cyber attack response plan? While we hate to be the bearers of bad news, there’s a good chance you’ll experience a cyber incident […]

Read More