May 1, 2019

Clyde: Offer Product Protection, Drive Revenue

Clyde is an InsureTech company that is focused on providing product protection solutions. I caught up with Founder and CEO Brandon Gell to get the scoop on the company's complete rebranding today, and much, much more. 

Tell me the story of how Clyde was founded.

I spent the year before starting Clyde as a Venture for America fellow working for a small tech company in Columbus, Ohio. About 30% of the customers we sold our product to were asking for some sort of protection, whether it be a policy or contract. I reached out to every insurer and administer I could find and almost none of them responded to me. I found it impossible to even kick off a conversation, and I happen to be integrating our product with Stripe at the same time, so I was confused at what the problem was. Those that did respond asked for our annual revenue and the conversation was immediately over. 
We were a great company for them to work with—they just had no quick way to integrate with us. Additionally, I was super concerned about the experience our end customers would have if we were even able to build a partnership. I knew there could be a better way. After validating this problem with other businesses, and after pitching some of the biggest insurers in the US, we knew we were onto something when investment and exclusivity offers came our way.
For those who don't know, what does Clyde do?
Clyde empowers businesses to offer their customers a best-in-class warranty experience, connecting small and midmarket retailers with top insurers, and providing superior technical management for top enterprises. Our tech integrates with any store easily—think Stripe or Affirm for insurance. Businesses control the look, feel, and placement of their CTA's, and we handle the rest. We are building the pipes for the warranty space, creating better end-customer experiences, increasing warranty revenue value for our retailers, and driving LTV.
Brandon Gell Clyde
Clyde Founder and CEO Brandon Gell.

What are some of the cool things you've been working on lately?

Today, we're announcing a complete re-brand of our platform and website as well as the launch of our Magento extension and SDK. All this info can be found on our website and in our documentation. We've learned a ton about our partners over the past 8 months, pitting analytics and data against what we're seeing in the market, and we've completely changed the way we talk about our product and the industry we play in. Clyde is a driver of lifetime value—we literally insure it.

Over the next few months, we're taking our already industry-leading attachment rate and driving it even higher, adding features that round out our platforms offering's to touch every point of the customer journey, and are adding additional products to the platform. If a business even considers offering a protection plan to their customers, they'd be doing themselves and their customers a disservice by not using Clyde. I'm really excited about the team we've built around this vision.

What's next for the company?

Bigger retailers, faster deployments, and greater success for our partners. We're extremely growth and culture focused right now and are concentrating on what we need to achieve in order for Clyde to be an indispensable part of a business's success. 

How big is the team? Any positions you're looking to hire for in the coming months?
Our team is 11 strong. We're super tight-knit, transparent, and encouraging of one another. It's great to see team members join Clyde and see just how big of an industry we're completely re-writing. We're actively hiring for Account Executive's, Business Development Reps, and Developers!
Any final thoughts?
So many final thoughts! One thing I love to point out to our partners is that Clyde's goal isn't to necessarily drive passive revenue for your business. Yes, that's awesome, but for us, that's the cherry on top. Rather, Clyde's goal is to increase the LTV of every one of your customers. When customers are covered, because you included Clyde's offering in the price of your product or because they added Clyde at checkout, you seriously increase the chance of that customer returning to your store. It's because of this that we truly believe every business that can use Clyde, should use Clyde. And if you're using another provider, you should switch to Clyde :-)

Alexander Culafi is Editor and Producer at VentureFizz. He also edits and produces The VentureFizz Podcast. Follow him on Twitter: @culafia.