December 19, 2022
Founder and Head of Carrier Relations Jeff Mongeon talks to Insurance Business Magazine about Polly’s independent agent sub-producer pilot coming in 2023. 
Jeff also talks consumer expectations around embedded insurance and explains the difference between adjacent and embedded insurance. Hint: there’s a huge difference.
On independent agent sub-producers:
“I believe independent agents provide a great customer experience, but lack the technology to actually do the hard part, which is getting the rate in front of the customer.”
On embedded insurance:
“When you talk about successful embedded insurance over the past 10 years, the ones that stand out to me are things like insuring your television, insuring your furniture, insuring your trip – I would call them ancillary to the product. When you’re talking about … products like homeowners’, like auto, like business owners’, there’s just far more complexity.”
On adjacent versus embedded:
“Think of Disney World – embedded insurance is like ‘exiting through the gift shop’ when you leave the amusement park; to get to the parking lot you must pass through the gift shop and see all the wonderful products. You don’t need to buy, but when you see the quality products, you probably will.”
Adjacent insurance, on the other hand, is “like having the gift shop located next to the exit with a clerk dressed like Mickey Mouse waving you in. You might go into the gift shop because you see the value, but you might just walk by because you don’t want to take the detour.”
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