In this excerpt from Seeing the How: Transforming What People Do, Not Buy, To Gain Market Advantage, Allen P. Adamson discusses the evolution of trust in an era of digital platforms.
When I hear the words ‘insurance agent,’ my mind (like many others, I suspect) turns to 1993’s “Ground Hog Day” and its infamously annoying high school schoolmate-turned-insurance agent, Ned Ryerson. He pesters the Bill Murray character relentlessly and, among the great lines he delivers, this is one of my favorites:
“I have not seen this guy for 20 years. He comes up to me and he buys whole life, term, uniflex, fire, theft, auto, dental, health, with the optional death and dismemberment plan, water damage … Phil, this is the best day of my life.”
All joking aside, selling insurance is incredibly difficult. To do it successfully, you have to be really good. There’s a reason why there is a very high attrition rate among insurance salespeople – it’s because most consumers don’t buy insurance often and rarely do so with certainty.
PolicyGenius exemplifies the modern two-sided marketplace, operating as a digital broker between insurance providers and consumers. Like a skilled juggler keeping multiple balls in constant motion, they maintain the delicate balance between insurers and customers. However, their challenge extends beyond simple matchmaking – they must build trust on both sides of the equation while making the intangible tangible.
Their journey began with extensive consumer research. As founder Jennifer Fitzgerald explains, “We did a lot of research targeting consumers, asking them about their most recent insurance purchasing experience, what happened, and what they wished would’ve happened.” This research revealed a crucial gap – while digital marketplaces existed for everything from retail to travel, insurance lacked a comprehensive self-service platform.
For providers, PolicyGenius offers access to digitally-savvy customers while maintaining high standards for the policies they list. For consumers, they provide transparent information and objective comparisons, distinguishing themselves from traditional agents who might push specific policies for commission. This careful curation of offerings benefits both sides – insurers gain educated customers, while consumers receive vetted options without overwhelming choice.
What makes their two-sided model particularly effective is their deep understanding of younger consumers. As Fitzgerald notes, “particularly with younger consumers, they want to get smart and eliminate information asymmetry on their own. They want to know the terminology, product set, and pricing before talking to a human.” This generation prefers digital interactions over face-to-face meetings, conducting life through smartphones – from shopping to food delivery, and now insurance.
Their research also revealed fascinating insights about insurance purchasing triggers. The biggest catalyst for life insurance isn’t the first child, but the second. First-time parents are too overwhelmed to think about insurance, but by the second child, they’re ready to plan more comprehensively. Understanding these triggers helps PolicyGenius serve both sides of their market more effectively.
Unlike typical online purchases, insurance represents a complex, high-stakes decision. Fitzgerald emphasizes this distinction: “If you get life insurance wrong, your family will face the consequences. If your house floods and you didn’t know home insurance doesn’t cover floods, that’s a decision with serious ramifications.” This is why PolicyGenius rejects comparisons to travel booking sites. While booking a flight is a frequent, low-stakes decision, insurance purchases are rare and consequential.
The platform succeeds by understanding that younger insurance buyers want self-directed research with optional human support. They prefer exploring options at their own pace, multitasking between insurance research and other activities, rather than sitting through traditional sales presentations. This approach has proven particularly effective with millennials, who often distrust traditional salespeople but respond well to transparent, information-rich platforms.
Like any skilled juggler will tell you, keeping a small number of balls in the air is relatively simple. Three drivers, three riders – done and done. But as the marketplace grows, maintaining that perfect balance becomes increasingly complex. When two-sided markets fail, it’s rarely because the opportunity wasn’t there. They fail when brokers can’t maintain quality across all participants, when suppliers don’t deliver promised service levels, or when consumer needs are misunderstood.
PolicyGenius succeeds because Fitzgerald and her team bring profound empathy and understanding to both sides of their marketplace. Through careful curation, transparent information, and unwavering commitment to quality, they’ve mastered the art of keeping all the balls smoothly in the air, delivering an experience that transforms insurance sales for the digital age.
Excerpted from Seeing the How: Transforming What People Do, Not Buy, To Gain Market Advantage, by Allen P. Adamson.