WrestlingIQ is an all-in-one software platform for wrestling clubs and teams to efficiently manage their operations.
After recognizing that club owners struggled with the financial impacts from last minute cancellations, WrestlingIQ decided to address these concerns with a mutually beneficial solution. As a result, they partnered with Vertical Insure to implement embedded offers for Registration Cancellation Insurance and Gap Medical Insurance directly into the registration flow, enabling wrestlers to opt into coverage without ever leaving the platform.
Now, WrestlingIQ is able to provide financial security for club owners and wrestlers while also generating new revenue for the platform.
“I was pleasantly surprised by how much ‘people time’ Vertical Insure put into our partnership. That was the biggest thing, the active access to the team. It feels like having additional team members.”
“[Embedded insurance] just makes sense, particularly for camps and clinics. If someone cancels at the last minute and the club has already paid, that actually does materially impact their business as a wrestling club.”
2 weeks
of development work
100%
rollout at go-live
11.5%
combined conversion rate
As a former college wrestler and volunteer coach, Matt Sencenbaugh witnessed firsthand the significant administrative burden of managing a team – from tracking attendance and stats to handling payments and registration. He quickly realized there was an opportunity to combine his extensive wrestling experience with his background in software engineering to support the wrestling community by launching WrestlingIQ. Today, the platform is trusted by over 150 club owners and wrestling teams.
Protecting Customer Profits
Although WrestlingIQ makes it easier for wrestling teams to grow and get organized, club owners were still grappling with last minute cancellations and refund requests.
It quickly became apparent that embedding Registration Cancellation Insurance was the key to helping wrestling clubs protect their revenue. When a wrestler adds insurance to their registration, they’re reimbursed by the policy while the club keeps the payment to cover their operating costs.
“It just makes sense, particularly for camps and clinics,” Sencenbaugh adds. “If someone cancels at the last minute and the club has already paid for a hotel room, facility space, and meals, that actually does materially impact their business as a wrestling club.”
This naturally goes hand-in-hand with Gap Medical Insurance, which reimburses policyholders up to $5,000 in out-of-pocket medical costs if they’re injured during training or a meet.
Adding both Registration Cancellation Insurance and Gap Medical Insurance to the registration flow offers peace of mind for everyone involved – from the club owners, to the teams and individual wrestlers – ultimately boosting registration rates and promoting more participation.
Tapping Into New Revenue
When platforms embed insurance with Vertical Insure, they receive a marketing payment on each policy sold. Sencenbaugh always knew this could drive new revenue for WrestlingIQ, he just wasn’t sure if the development effort was worth the squeeze.
After speaking with the Vertical Insure team and looking through the developer documentation and available web components, he quickly realized the entire process would be much easier than he anticipated.
“It took maybe two weeks of actual work with just one developer,” Sencenbaugh notes. “The developer docs and web components were great, and working with the Vertical Insure development team was even better. They were quick to respond and answer questions to keep the project moving forward.”
Once the offers were embedded, customer adoption was seamless. In just one month, the combined conversion rate reached 11.5%, resulting in an immediate boost in revenue for WrestlingIQ.
A Perfect Partnership
The decision to partner with Vertical Insure to embed insurance was an easy one for Sencenbaugh.
“I was pleasantly surprised by how much ‘people time’ Vertical Insure put into our partnership,” recalls Sencenbaugh. “That was the biggest thing, the active access to the team. It feels like having additional team members.”
The customer support and marketing resources provided by Vertical Insure ensured a smooth launch, eliminating any extra work from WrestlingIQ.
“I haven’t had any questions from customers or end users,” Sencenbaugh notes. “Vertical Insure had already created help documentation and go-to-market resources – I was able to send those directly to my customers so there weren’t any surprises.”
Supporting the Road Ahead
The partnership doesn’t end after implementation – Vertical Insure will continue to support WrestlingIQ’s customers and end users for any policy related questions or future claims.
“Vertical Insure has already done all of the partnership work for me, acting as a proxy to the insurance companies,” Sencenbaugh remarks. “I want to be able to offer insurance to my customers, but I don’t have the resources to manage the additional support. This was a great way to add value without introducing complexity to the business.”
Furthermore, Vertical Insure is always working towards building new and innovative ways to increase conversion rates and provide the best experience possible for end users without requiring extra work or resources from partners. Automated and partner-specific A/B testing ensures that the best possible offer is always presented.
“I’m intrigued and impressed with Vertical Insure’s continued efforts,” Sencenbaugh adds. “I’m excited to see what will be offered next and how it will continue to help WrestlingIQ and our customers.”