(Image source: Goose Insurance Services homepage.)
Goose Insurance Services (Vancouver, B.C.), creator of a mobile app designed to make insurance purchase easy for customers in the U.S. and Canada, has announced that it closed a $4 million Series A funding round led by Axis Insurance Managers (Vancouver, B.C.), with participation from Impression Ventures (Toronto), Real Ventures (Montreal), and Manchester Story (Des Moines, Iowa). Goose Insurance Services says it will use the funding to accelerate the adoption of its consumer-focused insurance “super app” in Canada and the U.S. through education and awareness initiatives.
Goose reports that it has experienced rapid adoption and growth in the past year, doubling its membership base and premiums. Goose members can purchase over 19 different insurance policies across 30 states in the U.S. and 8 provinces in Canada including travel, renters, pet, critical illness, and up to 1 million of term life insurance, all within minutes, from the Goose super app, according to a Goose Insurance Services statement.
Goose says it has expanded its product offerings by working closely with carriers such as AIG, IMG, iA Financial Group, TeachersLife, and American Amicable. Goose reports that it was also recently appointed a coverholder for Lloyds of London. As a coverholder, Goose says it is able to build innovative customized insurance solutions for its members and be a leader in insurance product innovation.
“We’re on a mission to make insurance products instantly accessible to the 200 million underserved consumers through our self-serve insurance super app,” comments Dejan Mirkovic, President and CEO, Goose. “Goose offers some of the most affordable life, health, and travel insurance policies in North America.”
Goose conducted research that found that coverage gaps exist among certain consumer groups due to lack of education on the need for life insurance and awareness about affordable and accessible insurance options, creating opportunities for further sector growth. According to a 2022 Goose survey of consumers in the U.S. and Canada aged 25-44, 37.6 percent of U.S and 40.5 percent of Canadian respondents said they would be more likely to spend $10 a month on streaming subscriptions, and 22.9 percent of U.S. and 22.6 percent of Canadian respondents would spend that money on avocado toast compared to the mere 22.5 percent of U.S. and 21.6 percent of Canadian respondents who would pay for a life insurance policy.
Game Changer for Underserved Consumers
Alex Meier, Axis’ President and CEO, asserts that Goose is filling a gap in the market. “Traditional insurance providers tend to focus on middle to high-net-worth customers and larger premium products because of their cost structure,” Meier says. “This leaves over 200 million customers with little-to-no access to important insurance protection. Goose’s insurance super app is a game changer for these underserved customers.”
Impression Ventures was one of the first investors in Goose, relates Maor Amar, Managing Partner, Impressions Ventures. “We were attracted to Goose because of its app-first strategy,” states “The average person spends 3.5 hours per day on their mobile phones. So, it’s no surprise that other industries—from personal banking to transportation—have been disrupted by app-first companies. Goose’s disruption of the insurance industry is well underway.”
Filling a Void in the Market
“There is a big void in the market today for a digital and app-first insurance brand that gives consumers the ability to discover and buy affordable insurance products 24/7 in minutes completely self-serve,” says Hamzah Nassif, Partner, Real Ventures. “Having first invested in Goose in 2020 and seen its unique approach, the team’s ability to execute, and the positive response from customers and insurance partners alike in both Canada and the U.S., we believe Goose will be a market-leading player in this space and are excited to join the team and our co-investors in this new round of funding.”