An article I read about the current profitability issues with the commercial auto line of insurance implied that the reason and solution primarily involved the rating methodology. Perhaps, but there could be another explanation….
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“In a world where we can summon a car, or our favorite Mexican restaurant’s veggie burrito, at the touch of a button; shouldn’t we be able to get insurance cover for our homes by just providing our address?”
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How fast can you buy homeowners insurance? According to one insurtech, the world record is currently 1 minute and 20 seconds. The potential downside for purchasers is obvious. But what about the downside for such speed merchants? It seems that the trial bar has its eye on these races to the bottom, as evidenced by a recent policyholder law firm blog post.
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One of the few daily ezines I read is Coverager which focuses on insurtechs. Here’s a dose of reality from their August 7 issue about an insurtech entrepreneur who insured his home and auto with other insurtechs. Then had claims. Uh oh.
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I just read an article that referenced a ‘study’ that said that only 11% of ‘people’ find insurance agents and brokers to be trustworthy. I’m reminded of a couple of quotations: “Torture numbers and they’ll confess to anything” and “The Devil can quote scripture to suit his purpose.” That’s why I don’t put a lot of stock into articles and ‘studies’ that appear to be solutions (or conclusions) in search of problems.
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With very few exceptions. the ISO Personal Auto Policy covers most business use of private passenger autos, pickups, vans, and trailers. However, there are non-ISO policies that do not. Caveat emptor. Auto insurance is NOT a commodity.
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Do you believe that most insurance industry advertising wrongly leads consumers to believe that insurance is a commodity differentiated only by price? If so, should something be done about it? If so, what? Learn what one NY insurance agent is doing about it….
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Personal lines insurtechs say they can sell you a policy in 60 seconds. Now traditional insurers are claiming they can sell you a commercial lines policy in 5 minutes. What’s the hurry?
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