{"id":30756,"date":"2018-09-27T12:47:54","date_gmt":"2018-09-27T16:47:54","guid":{"rendered":"https:\/\/www.wework.com\/creator\/creator\/?p=30756"},"modified":"2020-02-26T14:28:35","modified_gmt":"2020-02-26T19:28:35","slug":"bringing-a-dusty-old-industry-into-the-21st-century","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/community-stories\/member-spotlight\/bringing-a-dusty-old-industry-into-the-21st-century","title":{"rendered":"Bringing a \u2018dusty old industry\u2019 into the 21st century"},"content":{"rendered":"\n

\u201cI\u2019ve always worked in dusty, old, unsexy industries,\u201d says 35-year-old entrepreneur Omri Stern, who dreamed about starting his own company in a more exciting field. <\/span><\/p>\n\n\n\n

So what\u2019s he doing in insurance, one of the least sexy fields imaginable?<\/span><\/p>\n\n\n\n

It turned out that when he needed business insurance, Stern tried unsuccessfully to buy a policy on five different websites from 10 different brokers. If consumers could quickly and easily buy car or life insurance online, Stern asked himself, why couldn\u2019t small businesses take advantage of the same technology? <\/span><\/p>\n\n\n\n

\"\"
Omri Stern says investors have taken notice, giving Jones a hefty amount of early stage funding.<\/figcaption><\/figure>\n\n\n\n

This realization led Stern and partner Michael Rudman to found <\/span>Jones<\/span><\/a>, an app that offers pay-as-you-go liability insurance to independent contractors. It currently focuses on construction and real estate companies, but will be moving into related industries in the future. <\/span><\/p>\n\n\n\n

Jones has been flying under the radar so far, getting <\/span>a few brief mentions in the business media<\/span><\/a>. But investors have taken notice, giving the company a hefty amount of early stage funding.<\/span><\/p>\n\n\n\n

Where they\u2019re based:<\/b> Stern and two other staffers operate out of New York City’s WeWork 175 Varick S<\/a><\/span>t<\/span><\/a>, while the other seven employees work in Tel Aviv. That\u2019s where Stern is from and where the company\u2019s research and development house is located. \u00a0<\/span><\/p>\n\n\n\n

Their inspiration: <\/b>Stern got a broker\u2019s license just to understand the ins and outs of the overly complicated system. \u201cWhen you\u2019re actually faced with needing insurance, it\u2019s really expensive,\u201d says Stern. \u201cIt takes weeks, and your client wants it by tomorrow.\u201d <\/span><\/p>\n\n\n\n

Their first big success: <\/b>Even though it just opened its app to the public, Jones is already offering policies to a handful of clients through insurers like <\/span>Chubb<\/span><\/a> and <\/span>Atlas General Services<\/span><\/a>.<\/span><\/p>\n\n\n\n

Their early investors: <\/b>Jones has already raised $2.8 million in funding. Their investors include <\/span>JLL<\/span><\/a>, the second-largest commercial real estate brokerage firm in the world. <\/span><\/p>\n\n\n\n

What makes them different from other companies:<\/b> Because insurance is so expensive, it doesn\u2019t make sense for most contractors to buy insurance for an entire year if they only need it part of the time. But Stern says Jones can save them a significant amount of money by turning on their insurance when a project starts and off when it\u2019s over.<\/span><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Business insurance firm Jones has received a hefty amount of early stage funding, according to founder Omri Stern<\/p>\n","protected":false},"author":1687,"featured_media":30763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43903,43911],"tags":[513,39218,39221],"class_list":["post-30756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-stories","category-member-spotlight","tag-innovation","tag-small-businesses","tag-entrepreneurs"],"acf":[],"yoast_head":"\nBringing a \u2018dusty old industry\u2019 into the 21st century<\/title>\n<meta name=\"description\" content=\"Omri Stern says investors have taken notice of Jones, giving the busines insurance company a hefty amount of early stage funding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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