Porch Group: Home Services to Insurance
Former General Manager at Porch Group
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Former General Manager at Porch Group
The executive enjoyed over 4 years experience at Porch Group, responsible for the Pro Network side of the business prior to the pivot to VMS and into insurance. The executive also was involved in buying and integrating the acquired software assets in the insurance space.
Interview Transcript
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Are they incentivized to turn on the data flow because they don't want to be paying this cost, then as things rebound, they turn it off and that's a huge revenue hit for Porch?
I don't know where this experiment went, but about the time that I left, Porch was working to pay a commission back to inspectors. Part of the sales motion is the inspector should have some leave behind to prepare the homeowner for the call. If they have contact with the homeowner, they should let them know Porch will call them and it's a great service and these are the reasons why. For a time, there was an experiment that was looking at, if we monetize 500 bucks, let's give some of that back to the inspector. I don't know if that's still going on, but to that end, that was one of the things that was in flight to try to keep inspectors not only sticky, but also incentivize them to help warm up the lead prior to Porch getting it.
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Insurance is the most lucrative in terms of lifetime value of a lead; what would be second?
The second most is home security systems, but everybody needs insurance because your bank and mortgagor require it, and even if they don't, it's stupid not to have homeowner’s insurance. The reason the monetization with security is so good is because the bounty the security company pays is about a thousand dollars when a system is installed. 8% of those we talked to in the ISN channel, we were able to send to ADT. We had worked with a large ADT dealer that was fairly aggressive with their selling, but ADT purchased them and then we started to send calls to ADT, and they were less aggressive.
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