Buildertrend Case Study
Buildertrend partnered with Assurely to embed industry-specific insurance into their users workflow including exclusive Builders Risk insurance.
Buildertrend was an early adopter and innovator in embedding insurance to better serve their users.
They recognized a handful of common problems that most vertical SaaS or vertical operating systems face:
A single carrier solution was suppressing the TAM of the insurance opportunity and impact to its user base. Business customers require multiple (comprehensive) types of insurance coverage that they would like to purchase and manage in an all-in-one experience or relationship
Business customers typically require advisory and administrative support along the insurance buying and management process to enable widespread adoption.
The Problem:
Buildertrend had a strong insurance product that many of its users needed and/or wanted to purchase but faced underwhelming penetration for that product; even though it was extremely competitive in the market. Additionally, the ancillary values that embedding insurance provides its platform such as churn reduction and margin improvement lacked as well.
The Solution:
Buildertrend brought the insurance purchasing process inclusive of industry-specific insurance (leveraging Builder’s Risk for homebuilders as the initial “wedge” product) directly to users. By partnering with Assurely it’s exactly what they got. Simply put; Buildertrend met their users where they were at with a solution they required at the best price available on the market.
The Results:
92% conversion on Builder’s Risk insurance for GCs that enter the funnel
97%+ retention for Builders that have purchased an insurance policy
12% immediate MRR lift for Builders that have purchased an insurance policy
4x insurance revenue growth in first 6 months
3x new Builder’s signing up for the insurance program
Opened new, key Builder’s markets previously unavailable to penetrate with insurance
“Assurely’s expertise in embedding insurance into our users’ workflow is unparalleled. The straightforward process and effortless integration made it a breeze for our users to access essential coverage without any hassle. We’ve been able to better serve our users with a truly seamless and secure experience from Assurely.”
Michael Vandevoort
Insurance General Manager at Buildertrend
