Sales are hard, and sales in the earliest stages of an Insurtech startup are harder. Many startups assume, incorrectly, that a great product or service will sell itself. The product or service does not have to be the best in the market, just the best in a segment of the market. By segmenting the market, an Insurtech startup can drive early sales in their market segment.
Check out a recent post on the Impact of cyber attacks on Cyber Risk Insurance
Check out a recent post on Business Interruption as a component of Cyber Risk Insurance.
Check out a recent post on an insurance agents/brokers case. For insurance agents & brokers, the case highlights the importance of good risk management procedures, particularly documenting a thorough process. Agents and brokers risk management can provide protection from claims and reduce an agency’s E&O insurance premiums.
Check out a recent post on ransomware and Cyber Risk Insurance, and the perfect storm – on the Specialty Insurance Blog, providing periodic information on the insurance business, with a focus on specialty lines and professional liability insurance.
Excerpt: Check out a recent post on New York Cybersecurity Regulation enforcement and its potential impact on Insurance Agents/Brokers – on the Specialty Insurance Blog, providing periodic information on the insurance business, with a focus on specialty lines and professional liability insurance.
The right metrics are leading indicators for where you are headed. For an early-stage company, tracking the right metrics can provide critical operational and sales intelligence. Have you developed a set of metrics that are leading indicators for your business?
Check out a recent post on growth in Surplus Lines – on the Specialty Insurance Blog, providing periodic information on the insurance business, with a focus on specialty lines and professional liability insurance.
Insurance is in the early stages of a dramatic transformation driven by data analytics, and unstructured data will play a key role in the industry’s analytics. As AI applications become more advanced, more sophisticated methods of analyzing insurance data and developing unique insights will provide and edge to leading insurance organizations.
Startup insurers & MGAs can drive change in the insurance business, but successful risk taking requires disciplined underwriting. Best insurance underwriting practices might be helpful to underwriting driven Insurtechs. And the age of Insurtech is not the first time that newly formed insurers and MGAs have changed the insurance industry’s approach to underwriting difficult risks.