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Goosehead Insurance, Inc. (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency. The company operates through both corporate and franchise locations across the United States, offering a wide range of insurance products including homeowner's insurance, auto insurance, and various other personal lines such as flood, wind, earthquake, excess liability, and umbrella insurance. In addition, Goosehead provides specialty insurance products like motorcycle and recreational vehicle insurance, as well as commercial lines insurance for small businesses and life insurance.
Founded on the principle of prioritizing the consumer, Goosehead's business model focuses on offering clients the power of choice by representing over 150 insurance companies. This allows clients to find the best policies at competitive rates, something that typical agencies can't match. The company prides itself on its high levels of customer retention and satisfaction, boasting a Net Promoter Score of 90 and an 88% customer retention rate.
Goosehead's recent achievements include a 36% growth in written premiums in the second quarter of 2023, with total premiums expected to be between $2.87 billion and $2.99 billion for the year. The company's success is attributed to its industry-leading technology, effective marketing tools, and a centralized back office that supports both corporate and franchise agents.
In addition to its core insurance products, Goosehead offers a Franchise Program and an Agency Launch Program, which provide aspiring entrepreneurs with the tools and training necessary to operate a successful insurance agency. The programs offer extensive training in sales, network development, and agency building.
Goosehead has also recently expanded its technology partnerships, including an embedded insurance strategy with Clearcover, which streamlines the quoting process for auto insurance. This integration highlights Goosehead's commitment to utilizing cutting-edge technology to enhance both agent and client experiences.
With a vision to become the largest distributor of personal lines insurance in the U.S., Goosehead continues to innovate and grow, providing extraordinary value to both its clients and shareholders.
Goosehead Insurance reported strong Q1 2023 results with total revenues of $58.0 million, a 40% increase year-over-year. Core revenues rose 42% to $52.0 million. The company improved its net loss to $0.2 million from $5.4 million a year ago, with an adjusted EBITDA of $10.2 million, up from $1.3 million. Total written premiums increased 41% to $638 million. Policies in force grew by 23% to approximately 1.35 million. Despite a decrease in the corporate sales headcount by 44%, franchising operations expanded, and the company raised its full-year projections, anticipating written premiums between $2.86 billion and $2.99 billion.
The outlook reflects organic growth of 29% to 35% for premiums and 24% to 28% for total revenues.
Goosehead Insurance (NASDAQ: GSHD) and Vivint Smart Home announced a strategic partnership to enhance home insurance solutions, scheduled to launch in May 2023. This collaboration aims to simplify home protection processes and reduce claims through innovative services that integrate smart home technology with insurance offerings. Goosehead plans to acquire Vivint Insurance Agency’s book of business, transitioning Vivint’s insurance strategy to a partnership model. This partnership will provide Vivint customers access to Goosehead’s expert agents and digital platforms for better insurance options and savings, while Goosehead clients with Vivint systems will benefit from additional discounts and exclusive offers.
Goosehead Insurance, a rapidly growing independent personal lines insurance agency based in the U.S., announced that it will release its first quarter 2023 results after market close on April 26, 2023. A conference call to discuss the results is scheduled for 4:30 PM ET on the same day. Participants can join the call by dialing (855) 327-6837 (toll-free) or (631) 891-4304 (international) ten minutes early. A live webcast will also be available on Goosehead’s investor relations website. Following the call, a replay will be accessible on the same website for one year.
Goosehead Insurance represents over 150 insurance companies and operates a network of 12 corporate sales offices. The company focuses on delivering value through broad product choices and exceptional service.
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