Key Takeaways
- Despite a 90% decline in business during COVID-19 lockdowns, the company rebounded significantly, surpassing 2019 sales figures by over 200%.
- It earned the “Most Resilient Company of the Year” title by the International Best In Biz Awards for its exceptional performance.
- The organization retained all employees at full pay during lockdowns, emphasizing internal transparency and collaboration.
- Florida Trend ranked Squaremouth as the fourth-best small company to work for in Florida in 2022.
- The company adapted its marketing strategy during the pandemic, focusing on informing customers about travel insurance rather than direct sales.
St. Petersburg, FL–Squaremouth, a Florida-based insurtech company, announced in a news release that it had received two awards of recognition by the International Best in Biz Awards and Florida Trend for its work culture and its post-pandemic performance.
Per the release, the awards come two years after a 90% decline in business during the COVID-19 lockdowns.
The build-up to the award has been quite an achievement for the company, as its present sales exceeded its 2019 figures by over 200%, earning it the “Most Resilient Company of the Year” title by the International Best In Biz Awards.
The International Best In Biz Awards is a global business awards program judged by diverse panels composed solely of members of the press.
Employee-Centric Approach
According to the report, the organization retained all its employees at full pay during lockdowns, operating under a complete internal transparency and collaboration system.
“Sales weren’t coming in, and refunds were going out from canceled trips, but it was important to us that everyone saw what steps we were taking to reserve funds and knew their salaries weren’t on the chopping block,” said Squaremouth CEO Jessica Burns, in the news release.
The organization used its limited resources in the difficult time to revisit its business model and understand the evolving insurance market better.
Recognition Amidst Challenges
Florida Trend ranked Squaremouth as the fourth-best small company to work for in Florida in 2022.
“Navigating the pandemic from a marketing perspective can be challenging,” Squaremouth CMO Megan Moncrief admitted in the release. “It is such a sensitive topic.”
Moncrief continued, “We have always approached our marketing from a “down selling” standpoint. So for us, this was no different. In most cases, we actually led with why you shouldn’t buy travel insurance.”
Squaremouth is a travel insurance comparison company that helps customers instantly search, compare, and buy travel insurance policies online. The company has 44 employees, of whom 64% are women.
What We Think
Squaremouth’s triumph amid the pandemic exemplifies resilience and adaptability. The company’s commitment to its employees, maintaining full pay and transparency during challenging times, reflects commendable values.
Their strategic pivot in marketing, prioritizing information over direct sales during a sensitive period, demonstrates a customer-centric approach. Squaremouth’s recognition by prestigious awards underscores its dedication to both its workforce and its market, positioning it as a model for navigating adversity.
Their emphasis on internal collaboration and understanding the evolving market dynamics contributed significantly to their remarkable resurgence. Overall, Squaremouth’s story stands as a testament to proactive adaptation and maintaining integrity amid uncertainty.
Read the original release here.
