Automotive insurance platform Jerry desires to be tremendous app for all car-related prices – pymnts.com
Mobile apps like Uber and Airbnb have completely changed the way consumers expect service delivery. Most of all, people value simplicity, convenience, and affordability, whether it's a ride, booking a hotel, getting car insurance, or even just paying for the gasoline.
That desire for simple experiences has only accelerated with the COVID-19 pandemic, which has led the auto insurance app Jerry to target more niches and riches. Its goal is to become a one-stop shop where consumers can pay for everything they need to keep their vehicles on the road.
"We're building a super app for car owners that will help them with all their car bills," Jerry co-founder and CEO Art Agrawal told PYMNTS in an interview. "We want consumers to feel like they have a friend in their pocket who is helping them save some money."
New funding and focus
Jerry has made a name for himself with his auto insurance app that can get drivers a quote from 50+ branded providers in less than a minute. Now, armed with $ 75 million in funding from a Series C round, Jerry plans to provide similar services in everything from vehicle loans and repairs to maintenance and parking.
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While it seems like everyone wants to join the “super app” club these days, Agrawal insists that the whole area of car costs is crying out for more simplicity. People spend an awful lot of money on their cars, he says – often much more than they realize.
"The bottom 90 percent of earners pay around 20 percent of their income to own cars, including maintenance and repairs, insurance, loan repayments, gasoline, and parking," Agrawal said. “There's such a big market in terms of how much money people are spending on their car bills. You know, when you get a parking ticket, you have to pay, and then there's gasoline and charging and all those little things that you don't notice. "
There is a very real value proposition, noted Agrawal, pointing out the hassle of getting car insurance today. "You usually go to different websites and fill out a series of forms and then have all of these people call you," he said. “We completely flipped this model. Instead of you doing it, we buy your car insurance every six months. "
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Keep it simple
Agrawal explained that Jerry automates the whole process through the use of machine learning and robotic process automation bots. Customers only enter their personal data once when they log in and never again.
“You never have to think about that,” he said. “Nobody calls you, you don't have to call anyone, you complete the entire transaction in the app and we can even cancel your existing policy and save you money. It saves you money in the simplest form. "
It's a value proposition that helped Jerry quickly gain ground in the PYMNTS Provider Ranking of Insurance Apps, where it now ranks a respectable fourth overall.
The ease and simplicity that Jerry offers is in great demand. The company increased its sales 10-fold in 2020, despite COVID-19 causing most people to drive less than before. Agrawal said people didn't stop buying auto insurance because of the pandemic. If anything, COVID has made people even more excited and put the company on track to triple its sales this year.
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"If you drive less, you have one more reason to get auto insurance because you sit and think, 'Why am I paying $ 100 or $ 200 a month when I drive less?" "Agrawal said.
Jerry's next test is to bring the same simple approach to buying auto insurance into the auto loan industry, where the company is planning its next product launch. And when that goes well, other industries like repairs, maintenance, and even parking are examined.
"You can go to Amazon and have everything you need delivered with just one click within two days," said Agrawal. “That hasn't happened in auto insurance and other categories. That's what we're trying to do with this technology. "
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