Branch Insurance interview questions

I applied and received a very welcoming phone call and initial interview from their recruiter/HR rep. He then moved me up to the next interview the SAME day (very promising!). That interview went well and I had my third interview the following week. Being that I exceeded the qualifications and that the interviews went so well, I thought I definitely had earned a spot on their team! Didn't hear anything for a couple of weeks, then found out after reaching out to the hiring manager via LinkedIn that they hired someone else. Since I follow their LinkedIn page, I later learned that the hire had less than the listed job requirements so I was super bummed and a bit confused as to how they chose them over me. But I believe that what is meant to be, will be. Just seemed odd. One year of industry experience when the job posting listed 7 required? Hmm...