Hearsay Systems provides a compliant last-mile digital communications platform built for financial services, enabling firms to capture advisor-client interactions across text, calls, social media, and advisor websites. The product is built on the Salesforce Platform and Hearsay for Salesforce is available on the Salesforce AppExchange. Hearsay aims to deepen integrations with Salesforce to deliver compliance at scale across wealth management, home lending, property & casualty, and life insurance, and to reinvent the advisor-client experience. Usage metrics during the COVID-19 pandemic show a 50% surge in texting volume and 3x product utilization in 2020 versus 2019 year-to-date, while demand for CRM integrations has nearly doubled. Integrations have resulted in up to 10x volume of last-mile activities captured in CRM, providing richer context for next-best actions. The company serves over 170,000 advisors and agents at major financial services firms including Allstate, Ameriprise, Farmers Insurance, HSBC, Morgan Stanley, Northwestern Mutual, and Prudential. Hearsay Social provides a social selling platform that enables salespeople to maintain their social media presence, find relevant content to share, and monitor social signals within their networks. Founded in 2009 by Clara Shih and Steve Garrity, the company initially focused on helping large companies manage local-branch social presences and has since shifted toward driving one-to-one customer connections and social selling. Hearsay combines compliance and training tools with sales enablement features. The company doubled its customer base in the past year, adding dozens of customers including Raymond James, Mutual of Omaha, Bank of the West, Nationwide Insurance, Allianz Global Investors, Wunderlich Securities, and Modern Woodmen of America. In a company study, 64% of customers said they used the platform to both generate new leads and build stronger customer relationships. Hearsay opened a London office as the first step in European expansion and plans to hire across product development, customer support, and sales to accelerate growth. The company is not disclosing revenue numbers. Hearsay Social offers a SaaS dashboard for corporate/local enterprises to let local representatives, agents, advisors, franchisees and store managers post and manage Facebook, LinkedIn and Twitter pages while enforcing brand and compliance rules. The platform layers compliance, workflow, content management and analytics on top of social networks and includes message archiving, keyword flagging/filtering, workflow/approval, and region/sub-region analytics. Local-branch features include suggested content, a 360-degree view of fans/connections/followers, profanity/compliance checks, and one-click campaign launches with pre-specified targeting and timing. The company has a LinkedIn partnership and a full integration with the LinkedIn messaging API. Hearsay also identifies and captures activity on rogue social pages outside corporate control. Customers include financial-services firms such as State Farm and Farmers Insurance, and 24 Hour Fitness; the company plans to use new funding to double head count to 80 by year-end.

Total raised

$48M

Funding rounds

3

Latest round

Series C

Latest activity

Sep 2013