Project Ferro is a commercial policyholder platform. They seek to speed up renewals by 75 percent by giving producers and policyholders a single source of truth for schedules and other policy-related information. Michael Fiedel sat with CEO and Co-Founder, Chris Senkbile, to learn more about how Project Ferro is impacting the industry.
What is Project Ferro’s client focus?
We serve the insured through brokers.
What does your product do?
We provide the insured with a place to manage anything insurance-related 24/7 and have a digital footprint into the distribution channel.
How much capital have you raised?
We have raised $1.2 million.
Was the company born from within or outside the industry?
Project Ferro was born from inside of the industry.
What growth metrics have you accomplished over the last 12 months?
I’m excited to say that we've grown by 1,500 percent in revenue in the last 12 months.
Within your domain, what is the current challenge that the industry is facing?
Legacy-data silos are easily the number one challenge. Analog-broker workflows are a secondary challenge to that item. The last is orientation around data being broker-centric and not insured-centric. Those are the top three challenges we see.
How does Project Ferro take a unique approach to providing value?
Our philosophy revolves around what it looks like for us to consider the distribution of insurance through the lens of an insured-centric perspective. That’s formative to how we think about creating solutions in this space and how we can eliminate those data silos, analog-broker workflows and redundancy throughout the entire distribution channel.
For example, with our schedule module, we’re able to help insured manage their asset information and keep it live 24/7. With that, we then have throughput to the brokerage and throughput to the insurance company from the insured source of truth. They're keeping that data accurate and up to date, while we provide it through the distribution channel.
What inspired the team to start this company?
I'm a 10-year insurance producer for a Top 100 brokerage. My focus has largely been on what the industry would define as middle-market, large commercial. Honestly, I got super frustrated seeing my clients, service teams and insurance company partners getting frustrated by analog stuff. This should not be an issue in the 21st century, and yet, I'm frustrated by it. My clients are frustrated by it, my service team's frustrated by it and my company partners are frustrated by it. I was motivated by my day-to-day interactions with P&C customers and the rest of the distribution process.
Can you share any goals for the next 12 months?
In the next 12 months, we anticipate having over 20,000 insureds on the platform. We think the efficacy of what we're trying to do only increases as we have more insureds on the platform. How we're going to get there is, to a large degree, through our brokerage distribution partners. We sell through brokerages and as they see the light of insured empowerment and look to us to help support that, it increases our ability to get into a greater number of insureds hands. So, we'll be focusing a lot of energy on growing our broker client base over the next 12 months.
As that all plays out, we're starting to see interest at the insurance company level, meaning they want us to connect insured data directly to the insurance company and eliminate data redundancy across the distribution channel. That’s our next big goal. We're excited and super optimistic. We see a lot of brokers starting to focus their effort and energy on client experience, and a big part of that is around data.
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