Director of Retention, Marshmallow

Salary not provided

20% target bonus

Senior and Expert level
London

1-3 days a week in office

Marshmallow

Accessible, tech-enabled insurance for those who step outside the norm

Open for applications

Marshmallow

Accessible, tech-enabled insurance for those who step outside the norm

501-1000 employees

FintechB2CInsuranceFinancial Services

Open for applications

Salary not provided

20% target bonus

Senior and Expert level
London

1-3 days a week in office

501-1000 employees

FintechB2CInsuranceFinancial Services

Company mission

To back those who find themselves on a different path, either by choice or by circumstance, helping the exceptions to the rules that others aren’t interested in serving.

Role

Who you are

  • You either have product management experience or you have significant experience working with senior product managers and directing product priorities. You have driven high performance and impact from product teams
  • You have managed across multiple direct reports, and have a track record of driving exceptional standards and high quality work. You help those you manage and work with achieve their full potential
  • You sweat the details, you are highly detail oriented and can manage across large volumes of data points and metrics
  • You are able to convey strategy and vision through exceptional written and verbal communication skills
  • You have excellent quantitative skills. You love numbers, can manage through them, and would be very comfortable working in a quantitative field like insurance
  • You should have experience managing multi-million pound revenue or P&L line(s), including budgeting and forecasting. You have driven outstanding results across those lines
  • Financial services experience, insurance experience, or experience working in a regulated industry is helpful but is not required

What the job involves

  • Retention is responsible for the profitability of Marshmallow’s customer base after they onboard, and a large proportion of the product work that engages customers with our product
  • Retention owns metrics such as LTV, retention rate, NPS, policies per customer, and average revenue per customer
  • The tribe includes colleagues from Engineering, Data, Product, Pricing, Operations, & Marketing
  • Our ambition is to stand out from the rest of the insurance market as a business that truly values its customers, with distinctive products that provide highly defensible ways to build loyalty with customers
  • As such, the tribe splits its time between (1) investing in major new 0-to-1-style product capabilities, (2) building leading conversion and retention journeys for our existing products, (3) delivering a world class, highly efficient, support experience to customers
  • We are looking for a Director of Retention to lead the Retention Tribe, responsible for over £100m of turnover and £30m in gross profit
  • This person will be an important and highly visible commercial and product leader at Marshmallow, and key to driving Marshmallow’s growth
  • Reporting to the Co-CEO, you will be responsible for all post-acquisition car insurance revenue lines
  • You will own the annual budget for these lines and report on them regularly to the Senior Leadership Team
  • You will define a 3 year retention and LTV strategy, and be responsible for communicating it to the business and then delivering the strategy you set out
  • You will have senior product managers reporting to you, who direct the efforts of 4+ product teams driving the product roadmap for their relevant areas
  • You will be responsible for the overall product strategy and ensuring that Retention’s product and engineering capacity is driving business value
  • You will be responsible for digitising and automating our operational processes: we aspire to use the bleeding edge of AI to at least double our efficiency and significantly improve customer experience
  • You will work alongside the Director of Operations to achieve this, you will lead on any digitisation
  • You will direct work across pricing, data, operations, CRM, marketing and more
  • Leaders in these areas who work on retention problems will have a ‘dotted-line’ relationship to you, and you will direct their priorities to deliver towards the Retention strategy

Salary benchmarks

Our take

For many ordinary people, insurance can be inaccessibly expensive. Marshmallow solves this problem by using data and technology to offer fairer coverage for car and van owners.

Car insurers generally quotes drivers according to population data, and many drivers are overcharged due to age and demographic. By leveraging data and proprietary technology, Marshmallow can offer more accurate and personalised quotes delivered in minutes, meaning lower fees for drivers. Naturally, this approach has proven popular, with Marshmallow garnering impressive reviews and accolades since it first launched.

The insurtech space is becoming increasingly competitive, and more and more tech companies are moving into the car insurance space, so the company is currently looking to expand into other insurance areas. Marshmallow’s unicorn status is a clear indicator of the company’s ongoing success and scalability, and will help to facilitate this diversification.

For now, the company is focused on helping those outside the norm, such as those who have uprooted their lives and moved to the UK. But in the future, it hopes to expand to any group of people who are unfairly marginalised and whose problems Marshmallow is uniquely positioned to solve.

Kirsty headshot

Kirsty

Company Specialist

Insights

Strong hiring activity
Rocket List 2021
Top investors

Some candidates hear
back within 2 weeks

50% female employees

27% employee growth in 12 months

Company

Employee endorsements

Open and honest communication

"At Marshmallow information is 'over-shared' and this starts from the CEOs and continues through the organisation. People across the business are..."

Funding (last 2 of 4 rounds)

Sep 2021

$83m

SERIES B

Nov 2020

$30m

SERIES A

Total funding: $118.2m

Company benefits

  • Flexible working - Manage your own time and choose where to work from (in the office, at home, or a little bit of both). Just make sure your team is happy too.
  • Ben benefits - Get your hands on your flexible benefits budget with the Ben Mastercard and spend it wherever you want.
  • Competitive bonus scheme - designed to reward and recognise high performance 🌟
  • Private healthcare - We want to support everyone’s wellbeing at Marshmallow, which is why we offer private healthcare insurance with Vitality.

  • Cycle to work scheme - We’re registered under the Cycle-to-Work scheme, so you can buy a new bike tax-free. Lycra shorts optional.
  • Mental wellbeing - We have partnered with Oliva to offer mental health support and make therapy sessions more accessible.
  • Learning and training - Personal budgets for books and training courses to help you grow in your role. Weekly book clubs and learning sessions. Plus 2 days a year - on us! - to further your skillset.
  • Company socials - We give all of our teams monthly budgets to get to know each other better outside of work. Plus we have company-wide socials every two weeks, themed parties, and more.

Company values

  • We have a bias for action - We carry urgency into our every day, knowing that only by making daily progress can we drive long-term growth
  • We are challenging and honest - We optimise for truth and progress, which requires us to never shy away from difficult conversations with each other
  • We take ownership - We take on challenges, and put our hands up when things go wrong
  • We are selfless - We work hard, together and without ego
  • We are bold - To serve our customers best, we experiment relentlessly, make tough decisions and go where others won’t
  • We simplify for success- We don’t overcomplicate or try to be too clever. Less is more

Company HQ

Old Street, London, UK

Founders

Previously worked in Growth & Partnerships at Yoti and Leveraged Finance at Investec. Previously founded Reel Money.

David Goaté

(Chief Architect)

Previously Software Architect at Yoti, also worked as a software engineer at Homeseller, Cognitran and IG.

Previously worked in Product at Yoti. Also co-founded Reel Money and was an Analyst at hedge fund QCM.


People progressing

Joined as Software Engineer, being promoted to Technical Team Lead after 10 months.

Diversity & Inclusion at Marshmallow

  • To solve big problems, we need exceptional people from all walks of life. We're creating a culture where everyone feels empowered to bring their unique perspectives and boldest ideas to the table. Belonging - As a community, we foster an environment where everyone feels supported and safe to bring their authentic self to work. Recognition - We recognise and celebrate the differences in our experiences, understanding that our unique contributions help us collectively deliver our best work. Influence - We’re empowered to share our voice and have influence. We value diversity of thought, knowing we are better through our collective perspectives and experiences.

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