Terry McLean, co-founder and CEO of SageSure, joins FNO: InsureTech for a detailed look at SageSure's beginnings, the company's focus on coastal and catastrophe-exposed property, and their disciplined approach to underwriting. McLean outlines SageSure's path from its first policy in 2009 to a multi-state, multi-billion dollar business, discusses recent acquisitions, and describes the company's approach to technology and culture based on observable behaviors. The conversation covers the practical factors that have shaped SageSure's strategy in challenging markets, quoting directly from McLean's experience and the company's evolution.
Key Highlights
- The inception of SageSure based on the recognition of permanent dislocation in coastal property markets, and the pursuit of serving preferred but underserved customers by underwriting risk with discipline and care.
- SageSure's focus on gradual, organic growth, prioritizing profitability for carrier partners through comprehensive underwriting, including inspection of every home insured.
- Insights into the rationale behind entering catastrophe-prone markets that others avoided, and the business model built around pricing accurately for risk.
- Exploration of SageSure's acquisitions of GeoVera and Olympus, including the specific "carrier bifurcation" strategy used in these deals and the multi-year process of integrating technology and teams.
- Overview of investments in proprietary technology to deliver what McLean calls a "market leading buying experience" for producers, including API-driven integration and continuous improvement based on producer feedback.
- Explanation of SageSure's internal culture, highlighting "behaviors we value"—namely, "We Are Fountains," "We Run Down the Hall," and "We Don't Try"—and their origin and impact on daily interactions.
- The background behind the SageSure name and branding transition from Coastal Risk Underwriters.
