You’d be hard-pressed to come across many glowing reviews of the insurance industry, partly because consumers simply don’t trust it. That’s why our client Dylan Bourguignon is on a mission to change everything people have come to know and experience about insurance.
He’s the founder of so-sure, a London-based mobile phone insurance company that allows policy holders to get up to 80% of their premium back at the end of the year if they – along with their friends – don’t make a claim. We spoke to him about his unique insurance model, how SEO has benefitted his business, and why, when it comes to mobile phones, he’s Team Android.
Why did you start so-sure?
Because the insurance industry is broken for consumers. Consumers trust insurers less than they do banks – and banks were blamed for the financial crisis! There’s a fundamental gap between the margins and the money that insurance companies and the value chain is making, as well as the customer experience of insurance. That had to be addressed, and that’s what we’ve done with so-sure – we’ve re-imagined insurance for consumers.
One of so-sure’s USP is that consumers can get money back if they and their friends (who also buy) don’t claim. What inspired the model?
It’s inspired by the origins of insurance. When it all started – back in the 17th century – insurance was great. There was no problem. The incentives were completely aligned across the value chain because the policyholders and the shareholders were one and the same. It all started with ship owners. They all had each other’s backs, and if one of the ships went down, everyone chipped in. You’d be completely alienated if you were found to be lying to your fellow ship owners. When you realise how much money you and I are paying in our premium nowadays, it’s eye-watering. So, the key was figuring out how to restore the essence of what insurance was, but in a scalable, 21st century model.
How did initially get the word out about your brand?
Mostly through search and digital channels.
That being the case, how important is SEO for you?
SEO is increasingly important, but we’re opening up a whole bunch of new channels now. The thing is, in the first year we wanted to make sure we were delivering our promise to our customers. So, we just focused on one channel to make sure we weren’t burning our bridges with others. But now, we’ve demonstrated that we really deliver on our promise. This is not just another insurance promise that doesn’t get kept, and we’re incredibly proud of that. And that’s why we’re opening up new distribution channels, whether they be partnerships, or on the likes of social media. And, of course, our customers are spreading the word by telling their friends about us.
Finally, what do you see so-sure doing in the next five years?
We’ll be on our way to adding new lines of insurance for consumers in the UK and abroad. And that’s true to our vision, which is to restore consumer trust in insurance, globally.
Dylan’s digital life (in 60 seconds)
iPhone or Android?
I’m an Android person. I think it’s my only rebellious trait; I just don’t like to be contained end-to-end by the Apple machine. I prefer the freedom of the Android OS, which means that I’m not stuck with Apple’s software. As the CEO of a business with apps, Android allows us to provide our customers an easier experience than iOS.
Twitter or Facebook?
Facebook. More thought for longer ideas can be developed. I think no idea is black and white. Unfortunately, Twitter leads to black and white in the sense of the text – although that’s slightly changed with the expansion of the number of characters. The richness and the shades of grey get lost, and I think that’s a big issue, especially when we’re in a world that’s got so many challenges ahead. There’s no magic formula to resolve all of them, and trying to simplify complex issues and make people think there are very simple solutions can be misleading. I prefer a medium where one can take the time to share thoughts and ideas in a concise way.
Mobile phone games or podcasts?
I’m a podcast person, mostly because I’m on my scooter all the time travelling, so I can’t play games! My favourite is Political Thinking with Nick Robinson. He’s got a great ability to ask pertinent – yet incisive – questions, and provides an environment for the interviewee to be open, and to express views they may not be able to express otherwise. He’s got a great mix of style and substance, and that bring out the best in his guests.
BBC or Channel 4?
BBC. I just feel the content it has is very rich and informative. I’m more of a documentaries person than I am a sensationalist.