PerfectQuote Company Profile

Background

Overview

Founded in 2017 and headquartered in Austin, Texas, PerfectQuote is a technology company specializing in cloud-based group benefits quoting software. The platform is designed to streamline the commercial health insurance sales process for brokers, general agents, and carriers, catering to small, medium, and large group employers.

Mission and Vision

PerfectQuote's mission is to revolutionize the insurance quoting process by eliminating manual errors and reducing the time required for quoting and renewals. The company envisions a more efficient and accurate insurance industry through technological innovation.

Industry Significance

Since its inception, PerfectQuote has significantly impacted the insurance industry by reducing manual errors and cutting close times by up to 95%. The platform is utilized by 14 of the top 20 largest U.S.-based firms, servicing over 100,000 small and large group employers.

Key Strategic Focus

Core Objectives

• Operational Excellence: Enhancing efficiency in the insurance quoting process.

• Client Satisfaction: Providing a seamless and accurate quoting experience.

• Technological Innovation: Continuously evolving the platform to meet industry needs.

Areas of Specialization

• Group Health Insurance: Focusing on digital quoting solutions for group health plans.

• Ancillary Products: Offering quoting capabilities for dental, vision, life, and disability insurance.

Key Technologies Utilized

• Proposal Reader: A proprietary tool that scans and extracts plan details and rates from carrier proposals, eliminating manual data entry.

• Optical Character Recognition (OCR): Technology tailored specifically to group benefits, allowing brokers to scan proposals and extract necessary information digitally.

Primary Markets Targeted

• Insurance Brokers and General Agents: Providing tools to streamline their quoting and renewal processes.

• Insurance Carriers: Facilitating the distribution of products to brokers through digital channels.

Financials and Funding

Funding History

PerfectQuote has raised a total of $1.1 million in funding, with the latest funding round amounting to $800,000 approximately five years ago.

Notable Investors

Specific investors have not been publicly disclosed.

Utilization of Capital

The capital raised has been primarily utilized for product development, technological innovation, and expanding market reach.

Pipeline Development

Product Development

PerfectQuote continually invests in enhancing its platform, focusing on greater flexibility for firm-specific preferences and workflows, as well as integrations with third-party platforms.

Anticipated Milestones

• Integration with Ease: An anticipated integration with Ease was expected in early 2023.

Technological Platform and Innovation

Proprietary Technologies

• Proposal Reader: A unique tool that reads carrier proposal files and Summary of Benefits and Coverage (SBCs), extracting plan details and rates efficiently.

Significant Scientific Methods

• Optical Character Recognition (OCR): Customized for group benefits, enabling digital extraction of information from carrier proposals.

Leadership Team

Key Executives

• Justin Sylvester: Co-Founder and Chief Execution Officer. Formerly a broker, Justin identified inefficiencies in the insurance quoting process and co-founded PerfectQuote to address these challenges.

• Aaron Snyder: Co-Founder and President. Aaron collaborates with Justin in leading the company's strategic direction and operations.

Leadership Changes

No recent significant changes or appointments within the company's leadership have been publicly disclosed.

Competitor Profile

Market Insights and Dynamics

The insurance analytics software market is competitive, with a focus on enhancing efficiency and accuracy in the quoting and underwriting processes.

Competitor Analysis

• Tableau: A business intelligence application providing browser-based analytics.

• InsuredMine: A cloud-based insurance dashboard for organizing insurance details with analytics.

• SAS Fraud, Anti-Money Laundering & Security Intelligence: A solution focusing on fraud detection and security intelligence.

• ModMaster: A tool for workers' compensation and mod analysis.

• MeasureOne: A platform offering data solutions for various industries.

These competitors offer various solutions in the insurance analytics space, each with unique features and focus areas.

Strategic Collaborations and Partnerships

Notable Partnerships

• Optimyl Benefits: In December 2024, PerfectQuote partnered with Optimyl Benefits to offer instant level-funded RFPs to agencies, enhancing the platform's Request-for-Proposal toolset.

• Nippon Life Insurance Company of America: In October 2024, a partnership was established to provide direct, underwritten proposals for dental, vision, life, and disability products through PerfectQuote's platform.

• Vertafore: In June 2021, PerfectQuote joined Vertafore's Orange Partner Program, integrating with BenefitPoint to streamline benefits procurement and sales presentation efforts.