Written by Michele / May 19, 2020
Coverly is a FinTech company (more specifically, an InsurTech company) launched in 2019 with a goal of modernising and shaking up the world of Small Business Insurance.
Fueled by the belief that insurance should be easy for small businesses, Coverly designed their services to be digital, fast and fully flexible.
You could wave goodbye to the mundane, outdated processes that often come hand in hand with business insurers, as with Coverly you could simply head to their website to get a quote in five minutes followed by instant cover – with easy monthly payments and no fees or contracts to tie you in.
Coverly was a venture launched by Bibby Financial Services, a renowned company in Financial Services specialising in factoring, and had highly ambitious targets to meet within it’s first 6 months of trading in order to prove the concept and obtain further funding.
Coverly had to achieve accelerated growth in a short period of time from launch to the 6 month deadline and needed the help of experts to hit the ground running.
Coverly’s market are freelancers and small and micro businesses with less than 10 employees. That segment of the market though is very heterogeneous as it comprises digital native freelance designers as well as family-owned plumbing companies that have been around for 30 years. Nevertheless, many companies approach this market monolithically, and often end up in “no man’s land”.
With their make or break deadline in mind, we helped Coverly approach the market thinking verticals-first and identify the key ones to focus their marketing on in order to hit their numbers fast. We then used a range of growth hacking techniques to target small businesses and consultants from these specific industries, as well as a truly multi-channel marketing approach.
Using Facebook, Instagram and LinkedIn, we tested a range of ads with value-based language to each industry in order to determine which value was most likely to influence them to purchase – with some professionals being more driven by the prospect of saving time, some by the prospect of minimising risk, and others just wanting to keep the cost down.
We used Google ads to promote their hero product, Public Liability, and tested ads with copy about each of their USPs in order to see which would bring the highest volume of purchases for the lowest CPA.
We helped get Coverly off to a flying start. We smashed their 6 month target early – and then exceeded their stretch target – as well as their stretch, stretch target. Not just in terms of number of acquired customers, but also in terms of cost of acquisition.
Coverly then obtained further funding to expand its operations and continue the journey for another 6 months. We stayed on board as their trusted growth consultants (taking care of planning, strategy design and execution) and we helped Coverly achieve accelerated growth within their first year of operating, taking them from 0 customers to 3.5K customers with an industry leading cost of acquisition.