According to Jay Sarzen, senior analyst with independent research and advisory firm Aite Group, that base of small- and micro-business customers is among the fastest-growing segments of the business population. "Companies that target small- and micro-business customers are well-positioned to see ongoing market share gains in the coming years as the overall segment continues strong expansion," Sarzen said. "If established players create a fast, intuitive buying experience, they will quickly rise to the top."
Devine echoed that sentiment, pointing to the company's recent investments in technology as a main driver behind much of its growth.
"With last year's $31 million in funding, we accelerated our investments in technology to accomplish our goal of building the easiest, most intuitive way for small-business owners to buy exactly the insurance they require from the best possible provider – regardless of whether they are janitors, accountants, IT consultants or restaurants."
Small-Business Clients Grew by 58 Percent Year Over Year
Just three years ago, Insureon served 28,000 small businesses nationwide. Now, the company helps protect more than 57,000 small businesses – growth of 104 percent. More recently, Insureon grew active clients by 58 percent in the past 12 months, with 21 percent growth in active clients since December 2015.
Premium Originated Grew by 51 Percent
Alongside strong client growth, Insureon has also better helped its small-business clients with more robust coverage as evidenced by premium growth of 51 percent this year. The company is on pace to originate $315 million in premium in 2016, up from $209 million in 2015 and $83 million in 2014.
Staff Grew by 10 Percent
In the past six months, full-time staff has grown by more than 10 percent as the company focuses on growing its technology and customer support teams. Insureon employs nearly 250 people, up from 227 in October 2015 when it closed its investment round.
To accommodate this growth, Insureon expanded its office space by 25 percent in the past year and now occupies more than 24,000 square feet in its Chicago and Dallas offices. Since 2013, the company has grown its office space in total by 144 percent.
Since 1997, Insureon has provided coverage for more than 250,000 small businesses, with more than 57,000 active clients at present. Insureon both serves retail clients directly and supports the leading top-five banks, brokerages, and insurance companies in delivering their small commercial business, placing more than $300 million in premium annually. Details about its innovative online application, technology, and business model are available at www.insureon.com.
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