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Pitch Deck Teardown: Faye's $10M Series A deck

This document summarizes Faye, a full-stack travel insurance MGA that aims to revolutionize the travel insurance industry. Some key points: - Faye offers comprehensive travel insurance coverage through an easy-to-use app, with fast claims processing and payments directly to customers' Faye wallets. - It has experienced rapid growth since launching less than a year ago, with millions in sales and a growing customer base, demonstrating the sizable opportunity in travel insurance. - Faye aims to build strong brand loyalty by providing excellent customer service, proactive assistance and care across the entire travel journey. Nearly all customers say they will purchase their next policy with Faye. - The document outlines Fay

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Travel insurance as it was meant to be. Faye 2023
TL;DR Full-stack MGA with claims authority, already available in 48states $Millions in sales (exact figure redacted) Within less than a year in the market >10% <15% market penetration Probably the most profitable, growing and underpenetrated line of insurance you’ve never heard of Market CAGR $XB >$YB potential The opportunity: be the first to introduce a brand and loyalty, winning and expanding the market U.S. market (exact figure redacted)
Decades of experience across travel, insurance and technology Investors Yoel Amir Former CEO Mike Nelson Former Travel CEO Rick Ensign Former VP Sales Advisory Board Elad Schaffer Co-founder and CEO Daniel Green Co-founder and CTO Moran Treiser Growth Gal Levy R&D Gal Magid CX Tali Eilon Design Doron Samish Product Motti Bebchuk Operations Lauren Gumport Marketing Jeff Rolander 31 team members worldwide Claims, Carrier relations
Travel insurance today doesn’t live up to basic consumer expectations Consumers don’t trust it Confusing Incumbents are not built for repeat customers Bureaucratic and slow Bad reputation No customer ownership or engagement Low margins No data, legacy systems The result No brand, no loyalty. Customers buy insurance they will struggle to use, insurers pay crippling commissions, and live off of tiny margins.
Travel insurance is a lucrative line with massive growth opportunities U.S. market potential (fully penetrated) Current U.S. market $REDACTED Embedded financial products Post-booking travel services Going international Additional Growth Opportunities Source: US Travel Insurance Association Growing 10%+ a year Excellent loss ratios Low market penetration No consumer brand Minimal innovation $REDACTED
Not all insurtechs are created equal Take rate (Rev/GWP) Loss ratio Product penetration % Payback period Nature of Risk Path to profitability Long term outlook (Industry growth) Home Insurtech 1 Car Insurtech 2 R E D A C T E D Medium term, high severity Unproven Low (1.6% CAGR) R E D A C T E D Long term, high severity Unproven Good (4.5% CAGR) Travel R E D A C T E D Short term, low-med severity Redacted Excellent (10%+ CAGR)
Introducing Faye Administration Product Design Distribution Claims Technology driven , full-stack MGA Payments
The only travel insurance to deliver person-first, proactive and holistic coverage and care Trip cancelation Trip interruption COVID - 19 Baggage loss or delay Trip delay Missed connections 24/7 assistance Medical evacuation Trip inconveniences Emergency medical expenses Pet care Rental car care Cancel for any reason Vacation rental damage Adventure & extreme sports
Travel Insurance as it was meant to be 60 seconds to get covered Travel assistance directly on the app File claims intuitively and quickly Excellent modular coverage worded for humans Speedy payments to the Faye Wallet
Going the extra mile - proactive protection Active trip monitoring COVID-19, flights and security alerts Solutions > Money
The Faye Wallet a revolution in claim payments Approved claims are paid in seconds Pay with Faye - instead of paying out-of-pocket
Go-to-market strategy driven by three principles Meet customers across the entire journey Build a strong brand that generates organic sales and leads to retention Create a diverse, healthy mix of revenue channels Planning Itinerary Admin Preparations Day of Travel Booking Organic Brand partnerships Travel Agencies Embedded Direct
Improving profitability per purchase x xxx Apr 22’ Dec 22’ For every dollar spent on partner commissions and ads , we earn $redacted in net revenue Demonstrating strong and healthy growth Monthly growth, $ Apr Dec In GWP in our first 9 months In net revenue / first 9 months $XM $YM Purchase value (30-day avg.) $A Figures Redacted
Purchases and policy growth Apr May Jun Aug Jul 0 Sep Purchases # of Insured Travelers 1.5 Faye travelers per purchase, will grow higher with the introduction of the Faye family plan Oct Nov Dec Thousands
94% of our customers say they will buy their next coverage with Faye For the first time, travel insurance people love, and come back for Score 4.7 Faye 3.9 Competitor 1.4 Growth from returning customers Competitor Voted a must-download travel app 2022
Consumer brand - customer ownership and retention Proactive and data-driven Holistic care Competitive landscape Traditional insurers Legacy systems Not structured for retention Their main customers are the distributors Distributors Own the customer, take hefty commissions When a customer needs assistance - they are referred to the insurer Offer “one size fits all”, bare bone coverage Innovators Israel Parametric Unbundling Fintech ancillaries Mobile-first “More of the same” - no consumer brand
Raising Series A $10m capital raise | 24-30 months of runway Milestones: Hundreds of thousands of customers (exact figure redacted). Repeat customers at X%(exact percentage redacted) Availability in 50 states; Continued ROI improvement per purchase; Family plan; Corporate plan; Pay with Faye; Redacted - technological capability Redacted - 2 year budget
When you overdeliver in a space synonymous with doing the opposite, people notice. 4.7/5 stars on Trustpilot
Powering positive adventures worldwide www.withfaye.com