Small Business Insurance is not usually an exciting area to do business in. Incumbent insurers do not have a good understanding of the small business risks. Perhaps it is because of lack of good underwriting data in this domain. Usually incumbent insurers don’t heap attention on this area, as a consequence. If you are from the insurance world, you would have questions about this area.
Leaders in this space
What is ripe for disruption in the world of Small business insurance, you ask? Here are a few exciting examples from around the world. I have collected the Twitter handles of these companies below. Clicking on the links will lead you to their websites for a deeper study, if you would like do more research.
- @CollectiveUK, reflecting the workforce's evolving nature, aims to provide "big company" benefits to sole traders and gig workers. They provide their members with access to an exclusive range of protections, services, and perks usually reserved for big company employees.
- @Zeguroinc offers free cyber Insurance to SMEs for six months. This Pandemic showed us that Customer & Employee Data Loss is a big issue, so this is a real need that Zeguro is trying to address. Plus a “free-offer” is a great way to acquire new customers!
- @Thimble gives clients the ability to pause their policy and payments for up to 30 days without cancellation. They provide on-demand and byte-sized Insurance for small businesses.
- @AssuranceIq uses data science and machine learning to enable analytics-driven lead routing to match customers with the sales agent or specific sales process best suited to their needs.
- @Pie_Insurance: Provides workers' compensation insurance to Small Business through online channels using data analytics and advanced pricing algorithms. Their technology enables Pie to give a quote to prospective customers in just a few minutes.
- @THREEInsurance is a Berkshire Hathaway backed insurance carrier that offers a comprehensive policy for small businesses that is just three pages long. THREE aims to cut down the time-consuming process of reviewing and applying for coverage by simplifying the product dramatically.
Still think there are no opportunities for disrupting Insurance for Small business? Think Again!