[lucasjans]

If you focus on the risk management side of personal lines I think you're going to have a hard time to scale. The problem is most consumers don't care enough about coverage to shop for it. What attracts new clients is price, price, price. Clients unfortunately won't worry coverage until they really need it. The problem with focusing on price is you'll attract clients who won't renew after 3-5 years, messing up the retention numbers. Navigating the balance between those two will be critical.

Now there is some space in the high-end personal lines for focus on protection. But there you're competing against entrenched insurance agents.

Small commercial is also a very interesting space to explore. Protection is much more important for these people and the sales process is easier to automate (than med/large commercial.)

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I sold my startup in this space last year. We provided marketing automation for agents. Feel free to reach out.

[smarri]

I couldn't agree more, I've been in personal lines (consumer) insurance for more than 10 years - price is king for the vast majority consumers. The issue this causes is insurers tend to discount new business premiums heavily and make a loss in years 1 and 2 (at least). The follow on problem for an insurer is the ease at which consumers can shop around, so retention rates are dropping - especially as the insurer will attept to regain some of that lost income at renewal by increasing the price. It's a buyers market. However cross selling add on cover is a common way to regain income. In any case, it's great to see innovation in insurance, and good luck for the future! (PS. are you intending to be a broker or actually underwrite the insurance policies?)

[chrisplotz]

Yes, I hear you on fighting the price war, and agree navigating a balance of price and coverage will be important. In our view, we intend to keep prices low through the use of technology and our dividend of risk profit, but definitely charge a sustainable premium for the cover we provide. Policyholders will be able to see where the money goes so it'll be an ongoing conversation.

Would love to get in touch, will drop you a line.