InsurTech

MEDICI now! The UnBrokerage Story

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MEDICI now! Startup Stories highlights the companies that are shaping the new Financial Technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…

MEDICI now! The UnBrokerage Story

Company Name: UnBrokerage, Inc. (LinkedIn)

Name/Title: Phillip Naples, Founder & CEO

Industry Segment: InsurTech

Target: Markets: USA

LTP: Tell us a little bit about yourself.

Phillip Naples: I am one of the few individuals that actually went to college to learn about insurance. It seemed like a great career choice back then but I am finding that within the InsurTech space, it has created even greater opportunities for me because I'm able to use that knowledge to facilitate real change in how the insurance industry does business. My bride (Valerie) and I have two kiddos (Oliver and Audrey) and we live Brookhaven, Georgia. We love being outside riding bikes, running, camping or playing with our 4 legged child, Bella.

LTP: Give us a paragraph pitch of your company.

PN: UnBrokerage enables the modern business owner to purchase and manage their commercial liability insurance policies 100% online, in a fraction of the time it currently takes, and without having to speak to a traditional agent or broker. We walk customers through a 15-minute process of selecting the right insurance for their specific business, intelligently match their selection to the A-rated insurance company best suited to insure them, and offer the ability to pay insurance premiums monthly and on a credit card.

LTP: In a sentence or two, what problem are you solving today?

PN: We are allowing the millennial business owner to buy insurance the way they prefer to buy everything else: online and without having to speak to a human. And because our platform and process is transparent about its recommendations, our customers have the confidence they're making the right insurance purchase.

LTP: Who are you selling to?

PN: We are primarily selling to the 25M+ small and medium sized businesses in America with a particular focus on the 8M+ that are led by millennials.

LTP: Why did you start the company?

PN: I started the company because I believe small businesses are the backbone of the U.S. economy and during my time as a traditional insurance agent, I was tired of being forced to neglect them as a result of the fact that traditional insurance brokers can't be profitable working with small businesses.

LTP: What's the most important change coming to your segment in the next 3-5 years?

PN: We will see the traditional agent/business owner relationship breakdown entirely as technology, like ours, is developed to break the dependency on an old fashioned agent. The business owners of today and tomorrow want a self-managed solution that is fast, reliable, and that doesn’t require speaking with a human.

LTP: What’s your next milestone?

PN: Scale. Our platform has been built based on the input and validation of our early customers. Now, we need to prove that it is the way insurance will be bought and managed moving forward. We are targeting the addition of 500 customers this year.

LTP: Anything else you want to say to our audience?

PN: We are solving a really big problem that encompasses small businesses, traditional insurance agents, and insurance companies—but we are not disrupters. We believe a collaborative approach that provides technology-based efficiencies for all the parties involved is the only way the small business customer will truly win.

Users’ Choice Questions:

LTP: What's one thing you wish customers knew before a sales meeting?

PN: Insurance isn’t as complicated as the industry would have them believe and with the right “tool set”, any small business owner can purchase and manage their insurance without assistance from a traditional agent or broker.

LTP: What keeps you awake at night?

PN: As a small business owner myself, many things about running the company keeps me up at night; but I have a peace about the realization that I am fighting each day as though it could be my last. However, the real thing that keeps me up at night is my dog, Bella. She sleeps right next to my bed and her stomach makes super loud noises all night long.

Thanks, Phillip, for being a part of MEDICI Now! You can contact Phillip at phillip@unbrokerage.com.

MEDICI Team

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MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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