A year ago, Mike Butcher reported that Faye intends to provide for travel insurance coverage what Lemonade provided for basic insurance coverage, which’s as great a summary of what Faye does as anything. The business was kind sufficient to share its (gently edited) pitch deck with me so I might have a look under the hood to see the narrative it wove to close its $10 million.
We’re searching for more distinct pitch decks to take apart, so if you wish to send your own, here’s how you can do that
Slides in this deck
Faye raised its Series A round with a 19-slide deck, a few of which have actually been gently edited to protect delicate information from curious eyes:
- Cover slide
- Summary slide
- Group slide
- Issue slide
- Market-size slide
- Insurance coverage market introduction slide
- Item introduction slide
- Item includes slide 1
- Item includes slide 2
- Item includes slide 3
- Item includes slide 4
- Go-to-market slide
- Monetary development metrics slide
- Consumer development metrics slide
- Consumer recognition slide 1
- Competitive landscape slide
- The Ask slide
- Consumer recognition slide 2
- Closing slide with objective declaration
3 things to enjoy
Let’s get this out of the method right off the bat: This is a really outstanding pitch deck. I’m going to include it to my rotation of decks that are excellent examples of how to boil down a possibly complicated story into an easy-to-follow story.
Love a great summary slide
As I pointed out in my post about summary slides, the mix of the cover and summary slides sets the context for the remainder of the discussion. Faye did a terrific task with demonstrating how a great, succinct slide can set the speed.
[Slide 2] Setting the speed. Image Credits: Faye
The business discusses traction ($ M in sales) and market penetration (offered in 48 states), in addition to the marketplace size and market development rate. These 4 figures paint a photo that provides a quite engaging financial investment chance.
If we take all of the numbers at stated value, the next action of the story is to encourage financiers that this is the ideal group to handle this market.
Which takes us to move 3, the business’s group slide. Sadly, it isn’t that excellent, so we’ll speak about it in the “What might be enhanced” area later on in this post. In the meantime, let’s avoid to another slide that did a terrific task of contributing to Faye’s story.
Fantastic storytelling on the market-size slide
[Slide 5] What a terrific method to utilize market sizing to your advantage. Image Credits: Faye
Once Again, there’s redacted information here.
Faye numbers aside, this is an uncommon example of a market-sizing slide that likewise supplies the remainder of the context. I believed it was done truly well.
Revealing that the marketplace size is (probably) big, and after that basically stating, “However the TAM might be larger by growing the service offering and worldwide roll-out,” is really wise. It reveals that there’s a terrific chance offered today which the chance might grow even more.
The information points left wing are outstanding, too, as they contextualize business in the higher market.
This slide teaches us that you can inform a thorough story without muddling the message. I envision the narration for this slide would be something along these lines:
The marketplace we are pursuing is $xx today, and might be as huge as $yy once we have actually totally resolved it. What’s really interesting here, nevertheless, is that the marketplace is quickly interfered with. There is little development, no acknowledged customer brand names, the brand names that do run have low market penetration, and the whole market is growing 10% year-on-year.
The narrative ties everything together, painting travel insurance coverage as an extremely fascinating chance.
Intermarket contrast
Faye is targeting travel insurance coverage, utilizing some surrounding markets (automobile and house insurance coverage) as contrasts to reveal that travel insurance coverage is a much better chance. Once again, the numbers here are redacted, however as far as storytelling goes, this is an actually great method:
[Slide 6] Insurtech galore. Image Credits: Faye
I think the business included this slide to lighten financiers who have actually been prevented by other insurtech plays. Presuming that the numbers are great, this is a really inspired method of placing the marketplace– and Faye within it. Well played undoubtedly.
In the rest of this teardown, we’ll have a look at 3 things Faye might have enhanced or done in a different way, in addition to its complete pitch deck!
3 things that might be enhanced
I have actually currently stated that the group slide might do with a little love, so let’s begin there.