Steven Mendel of Bought By Many speaks to BCG, giving a great overview of how new technology and old-school supply/demand analysis can be combined to create a winning proposition.
We analyze more than a hundred million lines of insurance search data, examining what people are looking for when they search for insurance. We have a very clear understanding of what people are typing into a search engine when they’re looking for insurance. Increasingly, people are being much more specific about what they’re looking for. Instead of saying that they’re looking for home insurance, they might say they’re looking for thatched-roof home insurance. Search engines are getting better at understanding how to deal with those slightly unusual searches, whereas two or three years ago they had no answer. In fact, Google reported recently that 15 percent of all searches done on any given day have never been done before.