Launched in 2018, InsuredMine helps connects multiple pieces of the back-office process together for agents and brokers to help them do their jobs better. Jaiswal pitches his CRM platform as something that will keep employees satisfied by boosting efficiencies and make customers happier by default. It combines sales, marketing and data analytics.
“This is where we are heading, with a system designed based on the customer journey, but focused on internal employees that will help you get your external clients in much better shape,” Jaiswal said.
InsuredMine is bootstrapped without outside venture funding, and it is growing steadily. The company employs roughly 45 people right now, but the number is growing weekly, Jaiswal said.
A volatile market hasn’t stopped InsuredMine’s growth trajectory because it fills a useful niche, he explained.
“We are fortunate that we identified an opportunity that most of these agency management systems left open,” Jaiswal said. “We … enhance their ability to do more with the sales and marketing … It’s a significant efficiency play.”
With that in mind, the system helps agencies do more with less but also grow at the same time, he explained.
“This will help them identify opportunities,” Jaiswal said.
He explained that one customer – a large agency with $60 million in annual premium revenue and $500 million to $600 million in premium, was looking to add 10 to 12 new producers for new business, but the customer used the platform instead to boost productivity and hire folks who could focus on current customers instead through cross selling or upselling.
Revenue has grown from approximately $1.2 million last year to $2.5 million, he said. The company works with more than a thousand agencies, from smaller ones to larger companies, Jaiswal said.
The technology breakdown
Target users of the system include brokers, agency sales team members, producers, CSRM managers, and workers in accounting and human resources.
“Maybe the only ones not using it are anybody who doesn’t interact or engage with a customer,” he said.
In the early days, InsuredMine’s technology relied on robotic process automation to pull data from a client’s agency management system. The company’s platform today relies 100% on APIs for all integrations, now that agency management systems’ use of an API ecosystem has matured.
The platform works on what Jaiswal describes as a “seven stage journey” hitting multiple parts of the back-end process.
“It starts with lead capture, because that’s the first point of interaction, when a lead may come into [an agency] ecosystem – when a prospect is identified,” Jaiswal said. “Lead capture [goes to] lead nurture, to sales funnel, to customer onboarding, to policy period, servicing, renewal and win-back. We not only connect all of these stages [but] go deeper” with what the platform can accomplish.
It has what he refers to as “trigger-based automations,” where automations come into play as the user moves through the back-end process. This is a type of machine learning as the system begins to understand those triggers over time.
Technology matters
InsuredMine matters because it helps agencies generate revenue and opportunities they aren’t necessarily getting with the primary systems that they have, Jaiswal said.
“By not implementing technology, you are leaving money on the table …. Your sales funnel will be broken, which means there will be leads that will fall through the cracks. There will be flow that will not be automated,” Jaiswal explained.
There are many agency processes that could be automated that aren’t yet, he said, adding that his company’s technology anticipates those cracks and helps communicate with customers much more efficiently. What’s more, he said, InsuredMine’s technology helps process data in a cleaner way.
“Your data will not have to switch between six to seven other systems that you would be typically using,” he said, such as for texting, Google, or e-signature, or even MailChimp.
“Six to seven applications,” he added, “can be eliminated and it will help you consolidate your costs.”
Jaiswal describes his company’s technology framework today as “simple tech,” where the focus is on consolidating data and processes to make the workflow easier.
