Bunker | APIs & Network Effect
Time for another Bunker update — We had a busy Q3 (wait…is it already November?!) — we are excited to share a bit more on where we’ve been and where we’re going.
We’ve continued our mission of embedding insurance into contracts (outlined in our Q2 update) and are growing — we doubled the number of average monthly active Members QoQ. As a quick reminder from our Q1 update, we work with Members (we call them ‘Lois’), leading on-demand and freelance platforms, staffing companies, gig economy marketplaces, enterprises, and on the other side of the market, Customers (we call them ‘Clark’), freelancers, independent contractors, gig workers, and small businesses).
On to more Q3 updates…
One fun thing we tackled since the last update was a homepage overhaul — check out the new look here and let us know what you think!
Turns out A LOT happens in a year at a startup, which is the last time we gave our homepage a refresh. It’s like giving your place a spring cleaning and fresh coat of paint; it makes you want to hang out there longer — and the same holds true for customers visiting our site.
Another fun milestone was launching our Ready. Set. Work. podcast. Wait, a podcast about insurance? Nope. We’re interviewing leaders building the Future of Work. Katie on our team was the brainchild, and I’m learning how to be a great/better host — which is definitely a work in progress :). Listen here — and if you love it, give us a rating!
APIs: Bunker + Bullhorn
We’re also excited to officially announce that we’ve expanded the reach of Bunker via API. We’ve partnered with Bullhorn and integrated our COI compliance tool and insurance fulfillment engine into their platform. What’s Bullhorn? They are the global leader in CRM and application tracking software for the staffing industry.
Over 8,000 staffing companies use Bullhorn, and now all 8,000+ Bullhorn customers will be able to enable the Bunker app within Bullhorn and for the first time ever, solve for certificate of insurance compliance and fulfillment for contractors. In the same way that companies like Checkr have successfully revolutionized the background check process for the contractor talent supply chain, Bunker is leading the insurance industry and driving this necessary change for the Future of Work.
To the left is a humbling quote from a Bullhorn customer after seeing our integration. It was early feedback like this that added motivational fuel for our team to lock in a partnership with Bullhorn.
Stay tuned for more Bunker API sightings and embedding ourselves into more platforms, the team is already heads down on our next one.
Economics Driving Sales & Marketing Investment
One area of focus for Q3 was Member Acquisition Cost (CAC) and Member Lifetime Value (CLV). While those will evolve as we grow, looking at 2018 data revealed that our CLV:CAC data was > 5:1. It’s still early, but it is important for us to anchor on a starting point and measure ourselves and the business going forward.
While there are varying schools of thought on this, generally 3:1 means a business is healthy. Anything less than that, or certainly less than 1:1(we’ve all heard the ‘we lose money on each customer, but make it up in volume’ argument), can be a problem, and anything greater than that means things are good — but you could be losing out on opportunities and should invest more in sales/marketing. We fall into the latter, and as a result we’re hiring — going full steam ahead and growing our sales and marketing team. PS — welcome to our recent additions; Alison and Lee in Madison, and Pat in Boston!
If you know any ambitious sales & marketing pros looking to join a mission and values-driven team, check out our current positions — we’d love to chat!
We’ve started to see that Customers (Clarks) are leading us to more Members (Lois’), which provides unique opportunities to arbitrage acquisition cost. In its simplest form, it’s a circular product loop between Lois and Clark — and Bunker sits in the center; eliminating confusion, reducing time spent on painful paperwork, and improving compliance. Leveraging this network effect between Clark & Lois (Customers & Members) is an opportunity we’re doubling down on in Q4, and it also directly relates to our CAC.
I wish I could keep typing, I’m already anxious to share our Q4 update despite the fact that we still have almost two full months to go! For now though, it’s back to the real work, slaying more insurance demons for Lois and Clark. :)
And one last plug — did I mention we’re hiring sales/marketing pros? We’ll leave you with this pic of Wade from our team, repping the Bunker tech stack at the University of Wisconsin-Madison career fair.