A 12 months in the past, Mike Butcher reported that Faye hopes to do for journey insurance coverage what Lemonade did for basic insurance coverage, and that’s nearly as good a abstract of what Faye does as something. The corporate was type sufficient to share its (flippantly redacted) pitch deck with me so I might have a look beneath the hood to see the narrative it wove to shut its $10 million.
We’re in search of extra distinctive pitch decks to tear down, so if you wish to submit your individual, right here’s how you are able to do that.
Slides on this deck
Faye raised its Collection A spherical with a 19-slide deck, just a few of which have been flippantly redacted to defend delicate information from curious eyes:
Insurance coverage market overview slide
Product overview slide
Product options slide 1
Product options slide 2
Product options slide 3
Product options slide 4
Monetary development metrics slide
Buyer development metrics slide
Buyer validation slide 1
Aggressive panorama slide
The Ask slide
Buyer validation slide 2
Closing slide with mission assertion
Three issues to like
Let’s get this out of the way in which proper off the bat: This can be a really glorious pitch deck. I’m going so as to add it to my rotation of decks which are nice examples of how one can distill a doubtlessly advanced story into an easy-to-follow narrative.
Love an excellent abstract slide
As I discussed in my publish about abstract slides, the mixture of the duvet and abstract slides units the context for the remainder of the dialog. Faye did an amazing job with displaying how an excellent, concise slide can set the tempo.
[Slide 2] Setting the tempo. Picture Credit: FayeThe firm mentions traction ($M in gross sales) and market penetration (accessible in 48 states), together with the market dimension and market development fee. These 4 figures paint an image that presents a fairly compelling funding alternative.
If we take the entire numbers at face worth, the subsequent step of the story is to persuade traders that that is the suitable group to tackle this market.
Which takes us to slip 3, the corporate’s group slide. Sadly, it isn’t that nice, so we’ll speak about it within the “What might be improved” part later on this article. For now, let’s skip to a different slide that did an amazing job of including to Faye’s story.
Nice storytelling on the market-size slide
[Slide 5] What an effective way to make use of market sizing to your profit. Picture Credit: FayeAgain, there’s redacted information right here.
Faye numbers apart, it is a uncommon instance of a market-sizing slide that additionally supplies the remainder of the context. I believed it was completed rather well.
Exhibiting that the market dimension is (presumably) large, after which basically saying, “However the TAM might be greater by rising the service providing and worldwide roll-out,” may be very shrewd. It exhibits that there’s an amazing alternative accessible proper now and that the chance might develop additional.
The information factors on the left are glorious, too, as they contextualize the enterprise within the larger market.
This slide teaches us that you would be able to inform a complete story with out muddling the message. I think about the voice-over for this slide could be one thing alongside these traces:
The market we’re going after is $xx proper now, and might be as massive as $yy as soon as now we have totally addressed it. What’s really thrilling right here, nonetheless, is that the market is well disrupted. There may be little innovation, no acknowledged client manufacturers, the manufacturers that do function have low market penetration, and all the market is rising 10% year-on-year.
The narrative ties all of it collectively, portray journey insurance coverage as a really fascinating alternative.
Faye is focusing on journey insurance coverage, utilizing some adjoining markets (automobile and residential insurance coverage) as comparisons to point out that journey insurance coverage is a greater alternative. Once more, the numbers listed here are redacted, however so far as storytelling goes, it is a actually good strategy:
[Slide 6] Insurtech galore. Picture Credit: FayeI suspect the corporate added this slide to assuage traders who’ve been discouraged by different insurtech performs. Assuming that the numbers are good, it is a really impressed means of positioning the market — and Faye inside it. Properly performed certainly.
In the remainder of this teardown, we’ll check out three issues Faye might have improved or completed in another way, together with its full pitch deck!
Three issues that might be improved
I’ve already stated that the group slide might do with a bit of affection, so let’s begin there.