Jornaya Drives PolicyBind Growth

PolicyBind is a Miami-based insurance network that uses its customer acquisition channels to help insurance agents grow their book of business faster while keeping marketing costs in check. The company websites provide information about insurance and try to match potential customers with the right carriers and policies. If customers ask for additional information or ask more directly about specific policy purchases, PolicyBind pushes the data and initiates a connection with a local licensed agent.

“The North Star of PolicyBind has always been to simplify the insurance process for consumers all over the United States,” says Bill Sommerville, PolicyBind’s founder and CEO. “We have found [the] best [way] to do that is to diversify our advertiser portfolio because not every consumer is going to be a perfect match for Allstate, State Farm, etc. So by working with all of these advertisers and keeping our portfolios diverse, we can take the consumer information and connect it to an agent working at that particular carrier that we feel [is] the best fit.”

But finding that best fit is challenging, Sommerville says. The agent has to offer the right coverage options and be able to do so in a timely manner. Whether it’s an older consumer looking for supplemental Medicare coverage or a teenager seeking to insure a first car, both will want information quickly, which had been a stumbling block for PolicyBind.

“We just got to a point where we weren’t getting the outcome that we wanted and policies were being bound,” Sommerville says. “Consumers were spending a lot of time on the phone and not getting the desired outcome. We knew we had to make the process easier for customers.”

So PolicyBind started looking for a solution early in the first quarter of 2020. It ultimately concluded that Jornaya’s LeadiD product was the best available for the type of service it wanted to provide.

Jornaya’s LeadiD is a unique identifier that’s generated the moment a customer lands on a web page where its Create script is installed. As the customer continues to move around the site, LeadiD witnesses all interactions and collects data related to the experience in a completely privacy-friendly manner.

In PolicyBind’s case, Jornaya LeadiD enables full traceability of the websites or channels where prospects or customers began their searches, their current policy journeys and whether those journeys ended in an application submission, and at which point the application was submitted. These details enable PolicyBind to know which parts of its marketing efforts are most effective and which areas might need a little tweaking.

“To have that record of that was extremely attractive to us,” Sommerville says. “We knew by having it that we could continue to simplify the process.”

Adding Jornaya to its technology stack was also easy, according to Sommerville. “We got a little bit concerned because there was some code. We thought we might have to hire an additional developer, but we found it was not only very easy to use the product but also to onboard with it and get it moving. We wanted something in place that we could execute on quickly.”

PolicyBind has grown quickly in the past 18 months or so since installing LeadiD, and Jornaya was pivotal in that success, shortening the sales cycle and improving the returns from advertising expenditures.

PolicyBind also significantly reduced the time it takes to demonstrate to prospective insurance companies that it complies with all industry rules and regulations. With Jornaya, that compliance process was reduced from five to eight weeks to three to five weeks.

Other benefits included a 300 percent reduction in Telephone Consumer Protection Act (TCPA) disputes, since PolicyBind could now prove that the consumers it contacted had indeed opted in, and a 40 percent reduction in workload in tracking leads and results for advertising and publishing partners.

With the current success with LeadiD, PolicyBind is considering adding other products in the Jornaya portfolio.

The Payoff

Since employing Jornaya's LeadiD, PolicyBind has seen the following results:

• cut compliance time by up to three weeks;
• reduced TCPA disputes by 300 percent; and
• reduced the workload by 40 percent in tracking leads and results for advertising and publishing partners.