FROM steps down as CEO of Casper in 2021Philip Krim has spent most of his time investing and incubating companies through Montauk Ventures. The last one is an insurance company called Rangerwhich aims to improve the level of agents in the insurance industry, not replace them.
Most of the new wave of insurance platforms were directly targeted at the end consumer. Platforms like Lemonade as well as Hippopotamus make adapting to new insurance very easy and affordable, and startups such as Cover the goal is to add more transparency to the product with dividends paid to users for unused premiums.
As far as we can tell, none of them have focused on helping insurance agents with smarter and more streamlined tools. But this is where the Ranger sees its future success.
Instead of spending a ton of money on marketing, Ranger has focused on giving agents (who work on the ground in the communities they serve) the tools to respond faster to customer inquiries, generate better leads, maximize cross-sells to other products, and personalize client. Services.
Along with Krim, Ranger co-founded Greg Garrison and Gabriel Fleitman. Garrison spent 15 years in the insurance business (at AIG) and saw the neglect of agents in the old insurance companies. Focusing agents on the process with the best tools and the best incentive models allows agents to focus on sales rather than spending money on marketing. He also realized that many families had unknowingly insured their homes for about $100,000.
Garrison says field agents, who have time with automated administrative tasks, can help these end users feel confident about the policies they make.
Ranger today announces the closing of a $5.25 million seed round led by Lerer Hippeau Ventures with participation from Alex Rodriguez, FirstMinute Capital, Slow Ventures, Global Founders Capital, Raven1 Ventures and, of course, Montauk Ventures.
Ranger will launch in the fall and offer home insurance, auto insurance, and a home guarantee policy that it signs as an MGA — in other words, the startup will not bear the risk itself, but will partner with a carrier. own policies. The startup will operate in Arizona, Indiana and Ohio.
According to Garrison and Krim, the $500 billion market is basically divided into two segments. The super rich get tons of practical support from their agent while everyone else just buys and hopes for the best. Ranger’s strategy is to target wealthy, middle-income home-buying families with a more personalized, assertive, and predictable approach to insurance.
“Messaging in the marketplace has mostly focused on commodifying insurance products, making sure consumers spend as little time as possible thinking about what they are buying and spending as little money as possible,” Garrison said. “This is almost ubiquitous among traditional telecom operators, as well as in insurance companies. We came up with a different value proposition. The challenge will be to get our message across and get people to focus on things different from what the market has been telling them for the last 20 years. We think that people’s homes are not a commodity, and we think that the role they play in their lives is not secondary. It’s incredibly important, but the way they buy insurance suggests it’s not.”
Credit: techcrunch.com /