Bought By Many: Impact 25 2018 profile
February 15, 2018
This is a summary of the profile which first appeared in the Oxbow Partners InsurTech Impact 25: 2018.
Bought By Many offers two models: a D2C distribution business where insurers are capacity providers (the core business), and a white-label platform to help insurers acquire customers more cheaply using the Bought By Many technology.
Bought By Many has analysed millions of insurance-related Google search terms to identify unmet demand or frustrations with insurance.
The company acquires (or helps insurers acquire) in these segments, places them into groups on its platform (e.g. travel insurance for cancer survivors or pet insurance), and offers them tailored products.
The business introduced own-brand pet and travel insurance in the last 12 months; it has sold over 15,000 of its pet policies since February 2017.
“Bought By Many clearly demonstrated their expertise in social and digital marketing of insurance products. Our engagement with them yielded deep insights into market potential and unmet demand.”
Tim Hardie, Director,
Industrial Alliance Insurance, Canada
Following the pet insurance product launch, Bought By Many has continuously improved its marketing and customer journey to boost conversion. Alongside improved conversion, cost of acquisition fell by 60%. The business beat their 2017 GWP and sales targets set by investors by 46% and 19% respectively. Customer feedback has been excellent and NPS is consistently above 70.
Case Study One
Client situation: Bought By Many’s customer, Micah Car-Hill, wanted to find insurance for his son’s therapy
dog, Chief. Most insurers do not offer enough loss, theft or death cover to meet the value of a therapy dog.
What they did: Bought By Many’s analysis had identified a need for a policy with high levels of loss, thef and death cover for certain pets. To meet this demand, the business created its ‘Complete’ policy with £6,000 of cover as standard. Most other companies cover less than £2,000 for this feature.
Impact: Micah found Bought By Many through an online advert, joined a pet insurance group and bought the ‘Complete’ policy
Case Study Two
Client situation: A Canadian insurer wanted to create and launch a pet insurance product; Bought By Many was engaged to complete an analysis of online search data.
What they did: Bought By Many identified seven insights relating to unserved demand. One insight related to the product itself – the need for a product that covered pre-existing medical conditions. Bought By Many identified what website content was required to win search demand and the specifications for each article / page including target keywords.
Impact: Using a the business plan created by Bought By Many, the client launched the pet insurance product on its own quote and buy platform. Bought by Many initially ran the digital marketing before handing over to the client’s team.
The Oxbow Partners View
Traction: Bought By Many has quickly established itself as one of the leading European Distribution InsurTechs. With over 400,000 members and rapid growth since its product partnership with Munich Re was established, it has demonstrated the appeal of a more tailored, personal insurance proposition.
Potential: With a strong management team and clearly differentiated proposition, we believe that Bought By Many will grow rapidly in 2018. There is evidence from the white-label model (Canada, China) that the proposition is globally scalable.
The 2018 challenge: Bought By Many still need to prove that the model scales outside the high-emotion segments it is currently targeting.