Although aggregators have been around for decades, Jerry is eliminating the painstaking data entry element of aggregation with a new take on online personal lines distribution.
In choosing aggregation, Jerry is operating in a very crowded space. However, it has come up with a distinctive approach to UI/UX which is increasing the typically low conversion rate for financial services online.
The user experience deployed by Jerry can generate home and auto policy quotes across 20+ carriers and provides users with the best quote every time your policy is up for renewal.
Art Agarwal, CEO of Jerry, has summarized his companies positioning:
“Jerry is your personal insurance shopper that shops for your insurance automatically every time your policy is about to renew to find the best price & coverage.”
However, at first glance, the model embraced by Jerry does have some minor challenges.
- Term for insurance policies is getting shorter. Many known insurers are providing six months policies at a discounted rate, only to increase it over a period of time. With frequent shopping, customers win but insurers may lose. It will be interesting to see how Jerry’s partnership model evolves with carriers.
- While Jerry has managed to differentiate itself with a fresh take on the user journey as it applies to financial service aggregation,similar platforms may replicate Jerry’s approach in time.
- The emergence of usage based insurance for property lines in particular will change the value proposition that aggregators are offering the market as consumers will only accept coverage that reflects their exact exposure to risk in real time, a proposition that current property insurance products cannot provide.
Ultimately, although there are countless active insurance aggregators, very few have managed to differentiated themselves and fewer still are bold enough to revamp the UI/UX and policy question sets for insurance.