Dayton startup’s insurtech platform is boosting insurance sales by double digits

November 19, 2019

A Dayton-based software startup is tapping the power of personalization to boost insurance sales at a fraction of the cost of enrollment firms.

ConsumerOptix has built a sales and enrollment platform that leverages personalized interactive media and consumer psychographics technologies to power the sales process by matching insurance offerings to an individual’s personality, attitudes, values, and lifestyle.

“Insurance is an age-old industry that tech is finally catching up with,” ConsumerOptix Co-Founder and CEO James O’Hara said. “Where most innovation has focused on the back office, like claims processing, our innovation really centers around the front office, the consumer experience. We’ve had people tell us we’ve cracked the code — our personalized platforms are driving new business.”

Carriers, brokers, agents, wholesalers, and advisers utilize the company’s Accelerate and eBenefitsIQ products to drive sales and enrollment in the group insurance, individual insurance and online insurance environments.

ConsumerOptix’s online Accelerate platform delivers & tracks responses to tailored marketing and sales communications, enabling insurance carriers, brokers, agents and advisers to individually engage with consumers to drive insurance sales and commissions.

“We just heard from one of our top carriers that the intelligent automation and personalization of our Accelerate platform grew sales by 28 percent, all online, without agent involvement,” O’Hara said.

eBenefitsIQ is an online, self-service benefits enrollment tool that utilizes psychographic data to tailor interactive video communications about voluntary benefits to an employee’s personality, attitudes, values, and lifestyle, resulting in increased enrollment. 

“Five people may purchase short-term disability insurance, but for different reasons. Tailoring the benefit’s value proposition by consumer segment drives results,” Co-Founder Brian Kipp said. “The eBenefitsIQ product aligns the message with the customer’s unique behaviors and motivations, thus delivering targeted messaging that resonates and dramatically enhances retention and conversion. We are achieving high participation and engagement at a fraction of the cost of expensive enrollment firms.”

The Entrepreneurs Center of Dayton, Ohio has been critical to the company’s accelerated growth, O’Hara said.

“Dayton has a long track record of innovation, and it is a city that understands the value entrepreneurs provide to the region’s economy and quality of life,” O’Hara said. “Our mentors at The Entrepreneurs Center knows what it means to grow a business and how to foster an environment of innovation, growth and connections.”

The Entrepreneurs Center runs the region’s Entrepreneurial Services Provider (ESP) program. Backed by Ohio Third Frontier, the program provides entrepreneurs with private and public funding, as well as assistance to grow their technology-based startup companies.

ConsumerOptix was accepted into The Entrepreneurs Center’s ESP portfolio in June. Landing $750K in investment in August allowed O’Hara to hire a development manager and a vice president of business development. The tech firm closed deals with several insurance industry giants in September.

“ConsumerOptix is a great example of how Dayton is increasingly becoming home to exciting new high-tech startups,” said Scott Koorndyk, President of The Entrepreneurs Center.

As it continues to grow and hire, the startup is looking to raise an additional $3.5M by 2021.