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The Elevator Pitch
UnBrokerage automates the role of the traditional insurance agent and underwriter by walking business owners through the process of selecting the right business insurance for their company, qutoing a monthly price in real time that can be paid on a credit card, and intelligently matching the selection the insurance company best suited to provide the selected coverage.
Why the name, UnBrokerage?
Shortly after quitting his day job as a traditional insurance broker and while describing his vision for the future of the small business insurance industry with a friend, Phillip kept saying "...unlike traditional insurance brokerages, ...unlike traditional insurance brokerages." Eventually, the friend jokingly suggested Phillip name his new venture The Un-Brokerage. The name instantly resonated with Phillip and a brand was born.
How the Founders Met
In 2012, Andrew had been running his first company for two years without business insurance. Realizing the exposure, he began the difficult process of finding an insurance agent willing to spend time on his low commission opportunity. Eventually, he found Phillip who agreed to commit the time necessary to get Andrew the insurance his company needed with the hopes it would eventually become a profitable account. Three years later and fed up with the painful and expensive process of managing and renewing insurance, Andrew fired Phillip. It was a wake up call that drove Phillip to create a new way for neglected small businesses to get the critically important insurance they needed. Phillip spent the next year designing what would become UnBrokerage. In early 2016 having exited his first company, Andrew eagerly agreed to join Phillip in solving the very problems that had driven them apart.
- format_quote January 2016 UnBrokerage was founded by Phillip Naples on January 19, 2016.
- format_quote 18 Years Phillip Naples spent 18 years as a traditional insurance broker.
- format_quote December 2016 The UnBrokerage platform went live on December 1, 2016.
- format_quote 28,000,000 There are 28 million small businesses across America.1
- format_quote $300,000,000,000 Small businesses currently pay $300 billion on insurance premium per year.2
- format_quote $120,000,000,000 The small business insurance market is undersold by $120 billion of premium per year.2
- format_quote 70% Percentage of small businesses who start their shopping journey through a non-agent channel.2
- format_quote 53% Percentage of small businesses who renew their insurance because they’re satisfied with the provider.2
2 McKinsey & Company