On the Record: Limit.com
Standing out from the crowd as an insurance platform in 2022 can be difficult to do, thanks to the abundance of insurtech startups that have formed in recent years. A surefire way to get your business noticed while also conveying trust and legitimacy is to operate on an ultra-premium, single-word .com domain.
We've seen the likes of Lemonade (Lemonade.com), Hippo (Hippo.com), and Root (Root.com) successfully offer insurtech products on ultra-premium domain names. Now, another company has joined those ranks following a rebrand that involved a domain name acquisition.
In this edition of On the Record, I interviewed John Loeber, the co-founder, and CEO of Limit, about his company's acquisition of the Limit.com domain name and its subsequent rebrand from Apollo Brokers to Limit, operating on Limit.com.
Can you tell me about yourself and your own entrepreneurial background?
My co-founders and I had been early employees at successful startups previously. We always wanted to start our own business, build from scratch, and be in control of our destinies.
How did you originally come to create Apollo Brokers?
We had worked in the insurance technology industry for several years. We observed that the distribution of insurance products was primarily happening via phone, PDF, and emails by the dozen - effectively, analog workflows. Our thesis was simple: digitize the analog workflows, and thereby empower everyone to transact better and faster.
What does the company do, and what is your customer profile?
Our customers are insurance brokers seeking coverage for their clients. When a broker submits a client to us, we help obtain many quotes from major insurance carriers in minutes. Our customers range from one-man independent agents to the very largest insurance brokers in the United States.
When did you start to consider rebranding your company?
It was quite early - certainly within a year of launch. The name "Apollo Brokers" had been a bit of a placeholder when we incorporated. We learned that placeholders always last longer than you expect them to.
What was your criteria for rebranding, and did domain name choice come into play?
It had to be a dot-com; our customers are used to dot-coms. And it had to be a distinctive name that stood out by itself, while making sense in an insurance context. We wanted to stay away from fantasy names or long names that might not be memorable.
How did you settle on the Limit brand name?
In insurance, the "Limit" on a policy is the dollar amount that it covers: for example, you might buy a million-dollar-limit policy. That's arguably the most important number on a policy, perhaps second to the premium - the amount of money you pay for it. Plus, our business limits risk and limits work for our clients. The name lent itself to a lot of good wordplay, while being very directly related to the insurance industry, perhaps so much so that the name is even a bit bold. We liked all those characteristics.
Why did you opt to acquire the Limit.com domain, over using another name such as LimitBrokers.com or Limit.io, for example?
We wanted to stay away from names that weren't dot-com, and felt that any name with a suffix like "brokers" appended might not be as memorable, or could get into confusing territory. We wanted to keep it short and simple.
How did you go about acquiring the Limit.com domain name?
We reached out to the seller, and spent a long time negotiating!
It was reported that you acquired Limit.com using a payment plan. What was the advantage of using a payment plan to secure the domain name?
There wasn't a significant advantage for us. It's worth mentioning that since we're in an inflationary environment, paying in a few installments decreases the real cost by a few percent.
What has been the reaction to your rebrand?
Great! Positive feedback all around. We're quickly growing into the new name and feeling at home in the new brand identity.
Has the new domain name made a noticeable difference to your company yet? What difference are you hoping the new Limit brand, coupled with the Limit.com domain, will make?
As with any counterfactual, it's hard to say for sure: we've been growing a lot and our customers like the new name! We think the brand advantages of having a short, bold, industry-relevant name will compound going forward. We chose this new brand identity because we think it sets us up well for success as we scale up in the coming years.
Thanks to John for taking part in On the Record. You can find out more about Limit by visiting Limit.com. You can also follow the company on LinkedIn.