Sean Dudayev - Co-Founder, InsureChance Inc.

Sean Dudayev is the Co-Founder of InsureChance Inc., an online life insurance agency on a mission to bring simplicity to the life insurance buying process so that everyone can understand, afford and attain a life insurance policy to protect their financial responsibilities.

Growing up, Sean moved around a lot and saw a number of inequities from one nation to another. He knew he wanted to impact the world in a positive way, he just didn’t quite know how he was going to do it.

When Sean graduated high school he joined his brother, now his partner, in selling insurance products over the phone. While working in the insurance industry, it became clear that there was a big problem: The industry was stuck in the stone age. This made Sean realize he wasn’t going to pursue insurance as just a gig to get him through college, but instead, he wanted to directly influence the industry and create a shopping experience for the modern day consumer.

Working in call centers who treated their clients like another number infuriated him and he wanted to do something about it. A short time after joining forces, Sean and his brother Mack set out to rid the industry of self oriented business practices and created a one stop shop for life insurance known today as InsureChance.

How did you get started in this business? What inspired you to start this business?

I got into selling insurance after high school to have a steady income through college. However, after working with my brother, what we gathered from most of our clients is that they were getting mistreated in the marketplace. We both had a strong disdain for agents who sold clients policies that benefited their own bottom line and not the consumer’s. It was that fact along with the lack of innovation in the industry that inspired us to make change. So we decided to start InsureChance to influence the industry in a more positive direction in every aspect, from technology, to humanity.

How do you make money?

We get paid in the form of commission from the life insurance companies for every client we insure. The good news is, life insurance rates are fixed by law, so we allow our customers to shop with all the companies to find the best rate, at no extra cost to them.

How long did it take for you to become profitable?

About 6 months. We made some marketing mistakes in the beginning that set us back. We had to re arrange our strategy and were able to bring ourselves to profit consistently.

When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?

We never really had doubt because we have a strong culture of work ethic in the company. We know that productive hours put in always yields results. To put it simply, hard work works. Besides, it not working was never really an option, we’re too passionate about our mission to ever quit.

How did you get your first customer?

We’ve insured many people over the years but our first InsureChance customer came from our first content marketing effort. We’ve learned that if you educate your customers, you can earn their trust and their business.

What is one marketing strategy (other than referrals) that you’re using that works really well to generate new business?

Our focus is on digital marketing. It’s worked really well for us and we try to be everywhere our clients are looking for answers. Digital marketing allows you to generate clients with nothing more than sweat equity.

What is the toughest decision you’ve had to make in the last few months?

The toughest decision of recent times has been deciding between raising capital vs bootstrapping. I think it’s a decision all start up founders face eventually, if not at the very beginning. But we made this decision like most, by focusing on the concept of opportunity cost.

What do you think it is that makes you successful?

As an individual and as a company, I’d say it’s work ethic. We work through every up and down with no regrets. We always ask ourselves what we have to do, then figure out how to do it and then use every waking hour to doing it. Then repeat the cycle. We may not all start at the same place, but we can all reach the finish line if we’re willing to do what it takes to get there.

What has been your most satisfying moment in business?

I can’t pinpoint a moment because I’m always looking forward to the next challenge. I would say that in itself is probably the most satisfying thing, always having a challenge that lies ahead and never being stagnant.

What does the future hold for your business? What are you most excited about?

We have a lot of amazing things planned and can’t wait to bring them to fruition. I can’t talk about everything but we are super excited about what’s coming, to say we are going to surprise the industry is an understatement. As for as the industry as a whole, I’m thrilled with the advancements in the application process that the carriers are making.

Are you willing to be a mentor? If so, how would you like to be contacted?

Sure! Feel free to visit thethinkerstantrum.com and get in touch!

What is the best advice you can give someone starting out?

Read a lot, work hard, and never quit.

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