The Pluto March update
Another exciting month at Pluto HQ. Fundraising still very much underway, and we’ve had some new angels join the family and some new commitments - just need to keep going!
- We’ve sold over 240 policies to date!
- We’ve signed up our first employee benefits deal with WorkLife
- Pluto has officially graduated from the FCA’s innovation sandbox, we are now fully regulated with no restrictions
- We’re set to work with another very exciting partner, Moneycado - More on that soon
- Pluto has been selected for the finals of Pitch @ Palace (pitching to the Duke of York!)
- We’ve been accepted into Natwest’s Accelerator and FinTech programme - free desk space, mentors, the lot!
- We’re updating our domain, from pluto.insure to pluto.travel. A small, but very significant change. Harry explains why we’re doing this here
Beyond working towards our wider product vision, we’ve been focused on designing and building additional functionality based on what we’ve learnt from analysing customer usage data, from conversations with our target audience, and to make it easier to integrate with new partners.
- We’re making it super easy to add a friend to your policy - This has been requested a lot from customers, especially couples, who want to buy a policy together, especially if it means they can save some money. And it works great for growth metrics too, as each customer brings in another, halving our acquisition cost.
- We’re exploring potential payment partners who offer customers the ability to stagger payments over a few months - This came from the insight that the cost of an annual policy can sometimes be a stumbling block when you’re at that time of the month when cash is low.
- We’ve built out functionality to make it easier to integrate with partners - By making it quicker and smoother to jump from a partner’s service to ours, we can improve the overall experience of partner integrations, with the aim of increasing conversion.
If you follow us on social media (Twitter, Facebook, LinkedIn, Instagram) then you may have noticed we’ve been talking a lot more recently, and not always about insurance. This is our content strategy kicking into gear. Big shout out to our new Content Lead, Bonnie Friend - welcome to the team!
Our strategy is based on creating two main types of content. Firstly, differentiated travel content that’s aligned to our mission of making the bad bits about travel. This includes tips to travel safely and more sustainably, whilst giving back to the local community. The second type of content is around insurance “myth-busting”. Based on the insight that the biggest reason that millennials don’t buy insurance is their lack of understanding of the product, we’re building from our principle of making things easy to understand to tackle this. Check out this blog to see the latest stuff.
We’re all about giving nerds and the data scientists their fix:
- 50% of our policies so far are annual, compared to an industry average of 25%!
- 67% of customers to date have bought a ‘tailored’ policy - this is fantastic
- In March, the average customer was 27, our youngest month yet
- A whopping 38% of our sales came from referrals, there is no better validation than this metric (it’s one of the team’s favourite KPIs 🤓)
Thanks for reading!
Alex, James and Harry