Tom Austin and Zack Stiefler found themselves in a familiar situation last year. They had just started MBA programs at the Wharton School of the University of Pennsylvania, the best business program in the country. They were about to begin a program that could change the course of their lives, and yet they were on the phone with brokers, navigating GeoCities-era websites, trying to figure out the details of a renter’s insurance policy for their new apartment, of all things.

And so they said what nearly every entrepreneur before has said: We can do this better.

“The crazy stat is that 95 percent of insurance policies are still sold over the phone or in person,” Austin, now the cofounder of Bungalow Insurance, said in an interview last week.

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