Your Poncho was created as a tech-savvy online independent agency
Your Poncho is no more. The insurtech start-up, which billed itself as “Your Trusted Advisor”, has taken down its website. As of late last month, the website simply announces that Your Poncho is now a part of the Rogers and Gray Insurance Agency:
Rogers and Gray is currently planning on how best to incorporate Your Poncho
According to Rogers and Gray, the agency’s next step will be to figure out how best to incorporate the insurtech company’s technology, and its promise to consumers, into their existing agency structure. Roger & Gray President & CEO, David Robinson underscored this fact in response to Agency Checklists’ request for a comment about the future of Your Poncho:
Poncho’s online platform and the future use of that technology by Rogers & Gray Insurance is currently under discussion. We have not made any decisions as of right now, but intend to use the technology in some fashion.
We were very fortunate to work with Mike Lloyd and the Poncho Insurance team. They developed a technology platform that would serve Rogers & Gray prospects and clients well and we are looking at how best to incorporate it into our current business model.
Your Poncho founder Mike Lloyd also responded to Agency Checklists query about the merger demonstrating that there are no hard feelings over the new direction of his former insurtech start-up:
I have a lot of respect for the Rogers & Gray Insurance Agency. I couldn’t imagine a better home for the Poncho platform and its clients.
What Your Poncho had aimed to do…
For those unfamiliar with the Massachusetts-based start-up, Your Poncho was founded by Mike Lloyd in 2015. Mr. Lloyd’s vision was to build, a “…tech-enabled home, auto and life insurance agency that combines the best of design, technology and human brokers to ensure that you have the right coverage at the best price.”
By finding the gaps in a customer’s current policies, Your Poncho aimed to help people by advising them on how to obtain a better-priced and more comprehensive policy by letting numerous carriers compete for an insureds business. Once the best coverage and price was selected by the insured, Your Poncho would “seamlessly” transfer an insured’s policy via its proprietary technology.
In a June 2016 interview with the Worcester Telegram, Mr. Lloyd further explained the premise behind the creation of the Your Poncho platform:
Consumers get access to carriers who give competitive quotes, an insurance review and assessment that gives them confidence with their limits (such as the level of their deductibles); an online dashboard to keep all of their insurance organized; and automatic monitoring and policy shopping to ensure that they get the best deal. So far, we have been able to save our clients over 30 percent on their insurance while simultaneously increasing coverage to more appropriate limits.”
This is how the Your Poncho website looked earlier this year…