I’ve written a lot about insurtechs that claim they can quote your personal lines (e.g., homeowners) in 60 seconds or by asking a single question. Fast, easy and cheap.
Now we see claims, sadly including those from traditional industry players, that the same can be done in commercial lines in a matter of minutes.
For example, take these recent media quotes:
“[Progressive’s] promotion says it will take a business an average of 11 minutes or less to obtain quotes.”
“In 2016, giant Allstate debuted its business insurance quoting platform that it claims makes it possible for small business owners to buy a policy in about five minutes.”
“Nationwide says business owners can get a quote in less than 10 minutes.”
“[Hanover’s] process, from start to finish, can be finished less than 15 minutes.”
Here’s one more quote:
“There is more to life than increasing its speed.” – Gandhi
What’s the hurry?
There’s really no practical way to even perform a rudimentary exposure analysis for any business in a matter of minutes, so why mislead business owners?
What’s particularly noteworthy is that these claims seem to be coming from insurers known more for personal lines than commercial lines. Could it be that, like many insurtechs, they simply don’t understand what they’re doing?