While working at the tech-startup-heavy Cambridge Innovation Center, Jay Grayson and Kate Terry noticed a new lifestyle emerging in the community. After chatting with some people around them, they discovered these Millennials and Gen-Z consumers were not being catered to by the existing insurance paradigm.
The two decided to partner up as CEO and COO respectively and launch Surround Insurance, developing new applications to advance insurance to match and benefit for these new age consumers. Existing property and casualty insurance products reflect an outdated lifestyle, while Surround Insurance’s new coverages are bundled together in one subscription, delivered through a next-generation digital experience.
“Surround focuses on their journey, and believe this product is needed and we believe we are the right people to do it for this population of consumers because we are thinking for the consumer first and want to build something with meaning,” says Grayson.
Called Surround Core, the product takes into account the most common risks in a modern young adult’s life: driving a rented, borrowed, or shared car, living in an apartment, and freelancing as a side gig.
“Surround Core represents a new category of lifestyle-based insurance. We unbundle the coverages that today’s consumers need in the modern economy and repackage in a fast, simple, and accessible subscription-based product,” shared Grayson.
With a change in typical coming-of-age moments insurance agents had leveraged, like car purchases, changing, Surround also expects agents to benefit, by being able to offer these new kinds of coverages to the children of their existing clients
Kate Terry shared, “We’re excited to be providing agents with an innovative product wrapped in a beautiful digital experience. It’s what young professionals actually want – an online experience supported by knowledgeable experts.”
