Insurance is not SaaS. The underlying loss related costs (Losses + LAE) will never go below 60% or so. (This includes reinsurance to cover catastrophic risks.)

See https://news.ycombinator.com/edit?id=23461599 for their most recent quarter. Sales and marketing were over 70% of revenue.

Their Y1 and Y2 net retention rates were 62% and 71%. This is below industry average.