Bunker — Impacting the Gig Economy
We had fun sharing our Q1 ‘Thousands of ‘Clarks’ update, and heard that some of you enjoyed it as well!
In our Q1 update, we shared a bit more about Bunker’s mission of embedding business insurance into contracts, and how we use ‘Lois’ & ‘Clark’ as our customer personas. For a refresher on this, feel free to take another spin through that update.
To keep the dialogue going we’ll start to share additional updates, stats and experiences on a more consistent basis —
Here is an update on all things Bunker from Q2 2018.
OUR FOCUS — THE GIG ECONOMY
Our focus thus far has been squarely on building unique insurance products & experiences for the 53M+ individuals that are helping shape our economy — side hustlers, gig workers, independent contractors, and freelancers. Here at Bunker, we call them ‘Clarks’ (see Q1 update). This diverse and growing community of amazingly talented pros are fueling the Future of Work and delivering their expertise on a contract basis to drive the economy forward.
We’re empathetic to how difficult their job is, and to make matters worse the insurance industry hasn’t kept pace with building products for them. We heard over and over it would take them painstaking days or even weeks to get insurance, and they were forced to purchase traditional policies that weren’t designed for their needs. Bunker is changing that. Our goal is to let ‘Clarks’ focus on things in life more exciting than insurance — yet ensure they have the unique protection they need — quickly and affordably. Some of the top types of workers on the Bunker platform are management consultants, warehouse workers, health care professionals, and food service/event workers.
Our success is measured by ‘Clarks’ every day as we eliminate insurance as a barrier to them winning new projects.
OUR Q2 STATS
Let’s take a look at some of our stats to see how we did — where we had success, and also where we are focused on improving. To start, it was an anniversary quarter for Bunker, we eclipsed one year of being launched out of Beta in May. We were so busy we forgot to celebrate, but it’s worth a mention — it means we’re seeing some of the first repeat ‘Clarks’ for annual policies.
That’s the number of ‘Clarks’ we’re covering. We’re proud of this KPI — while we still have millions of ‘Clarks’ to go, it’s an increase of 100% from Q1 and growing.
That’s the number of worker hours we covered for ‘Clarks’ in Q2, through our new gig economy usage-based occupational accident insurance product. That’s A LOT of productivity fueling the US economy…one person would need to work 192 years assuming a 40-hour work week to log 400,000 hours! The chart above showcases our growth after launching this product in Q1, adding several new marketplaces and on-demand/gig platforms since.
3 minutes : 49 seconds.
That’s the fastest time that one of our ‘Clarks’, a Management Consulting pro in Florida, purchased the usage-based General & Professional Liability product on our platform we launched in partnership with Chubb. So just under 4 minutes, from initial lead to fully completing with a credit card purchase — all online. For our usage-based General & Professional Liability product, majority of these ‘Clarks’ take less than 10 minutes, and quite a few finish the purchase process in under 5 minutes.
In addition to giving props to our rockstar engineering team for making this happen, I’ll also give a big shout-out to our underwriting partner, Chubb. During the creation of that product we didn’t believe an iterative improvement was enough, and pushed to ruthlessly streamline the underwriting process — and the Chubb team aligned with our vision. All that said, we still have a lot of opportunity to reduce insurance complexity and improve automation at Bunker — we’re really just getting started. It will continue to be a core focus for us going forward, we fully expect to look back on some of these metrics a year from now and laugh at how much better we are vs. today when it comes to automating the entire life cycle. As Jeff Bezos said, it’s unlikely customers are going to say ‘we want you to deliver something slower’ at any point in the future.
That’s our ‘Clark’ Satisfaction Score. Making it fast, easy, and affordable for ‘Clarks’ is a clear priority for us — it’s why ‘Clark’ feedback like the example above: “I’m shocked at how easy you made it” — from a Marketing pro in Kansas, is so rewarding for the team. They work hard to deliver world class customer success.
That’s our conversion rate for ‘Clarks’ coming through our platform — it’s a 2% improvement from Q1. It’s important to mention, this isn’t just CTR (Click Through Rate) — this KPI refers to actual ‘Clarks’ purchasing at least one policy from Bunker. We’re proud of this result, and as you can see it’s more than 2x the industry average cited in a 2015 McKinsey study from seven leading small business insurers. It’s one proof point that we’re solving a real problem in the gig economy and small business insurance space. Changing an entire business model and embedding financial services into an existing process (e.g. insurance into contracts) is a growing trend, and we’re hyper passionate about driving the insurance industry forward this way at Bunker. We believe (and also starting to show through results) it’s the way that customers prefer to purchase insurance.
OUR EXPANDING TEAM
It all comes down to the team, and I’m exited to say that we’re up to 28 members strong, including two interns joining from the University of Wisconsin — Madison (welcome Mara & Haley!). Here is a fun picture of one of our newer team members Ryne, celebrating a win the best way possible — with uninhibited passion!
That’s it for our Q2 recap…back to work now so we have more fun things to write about how we further impacted the Gig Economy in Q3!