Are we the next big thing in insurance? The Wall Street Journal thinks so
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Hmm, I wonder what’s in The Wall Street Journal today… what?! A story about PolicyGenius?!That’s right, today The Wall Street Journal featured a story about our recent Series A funding round and our ongoing mission to solve America’s underinsurance issue:
"Since launching in July of last year, PolicyGenius has had several hundred thousand consumers shop on its website ... Customers include Uber car drivers, as well as a broad swath of the American population, in all states and across age groups."
This isn’t the first time we’ve been recognized for our work. We’ve been called the nation’s first consumer-friendly shopping platform for life and long-term disability insurance, an easy-to-use, groundbreaking service that has the best educational tools around, and the insurance startup that will finally put an end to the pain of shopping for insurance.All of this attention motivates us to work even harder, because our nation really does have an underinsurance crisis. You only need two statistics to see just how big the problem is:1. 80% of U.S. households make $100k or less (U.S. Census [PDF])2. A new Federal Reserve report found that nearly half of those households wouldn’t be able to pay for an unexpected $400 emergency. (Federal Reserve [PDF])
You can dig deeper and find more nuanced numbers, but they all point toward the same conclusion: most Americans aren’t prepared to handle an unexpected disaster. We try to plan for what we know is on the horizon—retirement, education, daycare—but we’re not so good at planning for what might happen.And that matters, because an emergency you can’t cover financially, no matter how rare, is what derails retirement plans, drains college savings accounts, and leads to bankruptcies.We’re a small company, especially for the insurance market, and definitely not what your parents think of when they think of insurance. Our team works out of a refurbished industrial building on the Brooklyn waterfront, and our backgrounds include consulting for Fortune 500 companies, the performing arts, and the study of military logistics. (Yes, really.)So why do we keep attracting this kind of attention?Because we’re bringing insurance shopping into the digital age and making it user friendly, so that any consumer can shop for insurance on their own terms. Our Insurance Checkup is designed to give honest feedback about what insurance you need and what you don’t, so that you don’t end up paying more than you should. And we back it up with awesome decision making tools and unbiased shopping guides, plus a hands-off, "No Lead Gen" approach to insurance shopping.Insurance in general doesn’t have a great reputation in our country. Some of that ill will has been created by the out-of-balance health care and health insurance market. But there’s a lot of unnecessary confusion and stress when it comes to shopping for any kind of policy.
We intend to change that. Right now we’re focusing on life insurance and long-term disability insurance, but that’s only the beginning; we already offer similar pet insurance and renters insurance tools, and we’re launching even more product categories in the future.After all, getting in The Wall Street Journal is great, but helping more Americans get the coverage they need is even better....Well, that and maybe getting a classic stipple portrait of our CEO printed in the next article.
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