I try to keep up with insurtech developments and I’ve found that one of the best ways to do that is to subscribe to Coverager, a daily ezine on insurtechs. Recently, they ran this article:

“Insurance World Championships – How Fast Can Companies Get You Homeowner Insurance?”

Here’s a quote from the article:

“Getting the best homeowner insurance fast is important. Fortunately for you, as our experiment shows, more and more carriers are making it easier to get you covered. While we found that Lemonade, Hippo, and Geico were the most efficient, we are certain that in time the others will likely catch up, giving consumers like you even faster and better options to choose from.” – Vincent Wei, SafeButler founder

If you’re an insurance professional, does this level of ignorance and its potential impact on consumers unnerve you? I’ve written extensively about this. For example, here’s a blog post I published last year following SafeButler’s renters insurance speed championship:

Fast, Easy and Cheap

And here are a few more short blog posts on this issue:

What’s The Hurry?

What’s Faster, Insurance or Coffee?

Good Grief!

Be aware that policyholder attorneys are paying attention to these claims and the potential liability they create for insurance providers with this viewpoint, as illustrated by this blog post from Merlin Law Group in response to the Coverager/SafeButler article:

“Warning! Fast Purchase of Insurance Is Really Bad For You”

A reminder: Any of my blog posts can be reprinted for free without express permission. I just ask that you include my copyright statement and acknowledge the source. Use this information to educate your customers.

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Bill Wilson

Founder at InsuranceCommentary.com
One of the premier insurance educators in America on form, coverage, and technical issues; Founder and director of the Big “I” Virtual University; Retired Assoc. VP of Education and Research from Independent Insurance Agents & Brokers of America. Reprint Request Information