Advisr has won the Insurance Business Insurtech Pitch for 2018. Held recently at the Insurtech Summit 2018 in Sydney.
On the day, Advisr was selected as the best pitch winning a $20k marketing package with Insurance Business.
WHAT IS AN INSURTECH?
Insurtech is the combination of Insurance with technology and covers businesses that span this ecosystem. Advisr is an insurtech as we seek to use technology to make it easier for people to find insurance brokers they can trust.
WHAT WAS OUR PITCH?
We had 3 minutes to pitch.
3 minutes is both a long time to say something simple and a short time to say something complex. So for us, delivering a simple and coherent pitch message was critical.
Here is a summary of our pitch and the structure we followed.
Identify a problem that the audience can agree with.
We know that insurance brokers have a trust problem. Currently, nine out of ten people don’t think that an insurance broker is highly ethical or trustworthy. Lack of trust is a problem for every insurance broker as people only do business with people they trust.
We supported our problem with some easily digestible data to bolster the message (note: this was the most complex slide we showed as being simple people we love a simple message)
Provide a solution that makes logical sense.
The Advisr platform makes it easy to find and connect with an Insurance Broker you can trust.
Advisr highlights both the broker and the insurance brokerage because customers care about the name on the door and the person they work with. In addition, Advisr captures ratings and reviews, enables world-class insurance content to be published by experts and for customers to ask questions and get answers.
All features of Advisr that educate the market, initiate relationships and build trust.
Show traction; others in the market are using Advisr already.
Insurance businesses are growing on Advisr.
The map of Australia shows where new business had been generated for insurance brokers via Advisr. Customer usage and engagement shows that Advisr is working and our ecosystem is building momentum.
The map shows our national footprint quickly and that Advisr is for all insurance brokers Australia wide.
HOW DOES IT FEEL TO HAVE WON?
As a startup, getting the product and market validation is a critical step. Since winning, we’ve noticed an acceleration in the takeup of Advisr from insurance brokers and an eagerness to engage, claim profiles, generate reviews and add content. All activities that enhance the value of Advisr to consumers and increase their engagement.
We’re motivated to be working on a problem that needs to be solved and to have a solution that is delivering growth to the market.
Whilst business is not about 3 min pitches, business is about connecting quickly with an audience about a problem they have and delivering a solution, that exceeds their expectations, to resolve their problem.
So getting a clear, tight message is for pitching and for communicating with customers who live in a busy fast paced world.
WHY DID WE WIN?
All the pitches were great.
The different product offerings were excellent, are solving real market problems and have great Insurtech solutions. I look forward to seeing them all succeed.
I believe that we won because we had a message that was easier to digest and connected quickly with the audience.
WHAT DID WE WIN?
We won $20k worth of marketing support from Insurance Business. the huge novelty cheque pictured was presented by Eoghan Trehy, National Head of Insurance Broking, Macquarie Bank. Thanks, Insurance Business, this is a great prize for a B2B insurance business and will connect us further with the insurance brokers that we serve.
ENCOURAGEMENT FOR OTHER STARTUPS?
Competitions are great channels to market.
Find both industry-specific competitions; such as Insurtech or Fintech pitches, and generic startup pitch competitions; such as Launch Festival, TechCrunch Startup Battlefield Australia and Friday Night Pitches at Fishburners.
Getting out and pitching helps you to refine your message, test your phrasing to see what lands with the audience and what misses the mark and helps to build your public profile.
Customers are in the audience
It can be hard to get 3 minutes with prospective customers so I found being at Insurtech Summit a great way to connect with customers that I’d otherwise struggle to reach and get a meeting with. After the pitch, several senior insurance brokers approached me requesting follow up meetings.
Investors are often judges
Investors, VCs, HNWs and others can be called upon as a judge in pitch competitions. Pitching in front of high calibre judges gives you the ability to connect directly with them both on the day and subsequently. Some angles to try are to seek feedback on what they liked and what they’d improve OR what part of your business most excited them and which part felt was dull. Investors have time, so building a relationship with them based on consistency, authenticity and coachability can help when it comes time to raise funds.
What is next for Advisr…
So, now we have a giant novelty cheque, some highly relevant meetings to prepare for and a business that has taken one more step in its journey.
If you need help to find an insurance broker you can trust, try Advisr.
Thanks for reading.