They aren't a lead generator, it seems that they sell policies directly once you go through the questionnaire and select a policy. Presumably for regulatory purposes they have to have licensed agents at some point in the process. Do they have a staff they pay a salary? Do they contract directly with the issuers and thus are an IMO of sorts but capture both the IMO commission and the agent commission?
How do places like PolicyGenius work?
- Thread starter nycagent
- Start date
They are an online insurance agency. The end.
Seriously, they generate leads through organic search, affiliates, and paid traffic. They have writers, call center people, licensed reps, etc.
I'm sure that they have great contracts because of their volume, but at the end of the day, you could set up a similar operation if you wanted to (of course, you'd need a bunch of VC money to grow as quickly as they have).
Seriously, they generate leads through organic search, affiliates, and paid traffic. They have writers, call center people, licensed reps, etc.
I'm sure that they have great contracts because of their volume, but at the end of the day, you could set up a similar operation if you wanted to (of course, you'd need a bunch of VC money to grow as quickly as they have).
- 913
They are one of the few insurance websites that actually sell insurance. Most consumer insurance websites are just lead aggregators.
- Thread starter
- #4
Yes, they seem like more than just a lead generator. So does a place like that act as their own IMO and just contract directly with the carriers? With that type of size, what kind of commissions are they generating? For instance, let's say a high producer could get 105% FYC for a policy, are they getting more like 125%? Is that the general range for a high-volume IMO?
- 913
They aren't a lead generator. They are an agency. They actually sell the insurance.
Nobody will know their commission levels, but we can safely assume they are getting top level NMO commissions due to their volume.
IsaacA
Expert
- 53
I just checked them out.
They have an awesome website....
They have an awesome website....
Reid Tattersall
New Member
- 8
One of the most difficult things Policy Genius has done is get traffic/eye-balls on their website. According to similarweb.com, they have 550,000 monthly visits. It would be great to know their conversion to applications, placement ratio, and average case size. You'd hope they are making money but I imagine they are paying a fortune to drive that traffic. You can embed the quoting and eApplication software "Quote & Apply" from inslock.com to offer your clients an online process to shop and apply online although getting users on your website will be your next challenge.
IsaacA
Expert
- 53
All of that information would be great to know.
They are probably spending a fortune, but also making a fortune.
inslock.com is interesting. It appears to be something backnine maybe created?
Oh it's the VP Reid. I've got some questions for you.
As I mentioned earlier, they have a ton of VC money to spend...that certainly makes it a little easier to gain traction.
Reid Tattersall
New Member
- 8
Ask away!
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