Embracing Technology: How Coterie Insurance and London Underwriters Simplify Small Commercial Insurance
In the fast-paced world of insurance, technology is reshaping the landscape, making processes more efficient and accessible. In a recent episode of the “And I Quote” podcast, guest host Christine Morrison spoke with Dan Feigenbaum, CEO of London Underwriters, about the transformative impact of insurtech on small commercial insurance. If you’re an insurance agent looking to transition from personal lines to small commercial, this discussion is a must-listen.
The Evolution of InsurTech
The insurance industry has come a long way since the days of filling out forms by hand and storing paperwork in filing cabinets. As Dan pointed out, the advent of insurtech has changed the way agents operate. With a focus on technology-enabled Managing General Agents (MGAs), like Coterie, the insurance marketplace is evolving rapidly.
Dan’s journey into the insurance world began in 2008, when he started working in retail insurance during a turbulent market. His experience as a Lloyd’s cover holder at just 23 years old provided him with unique insights into the traditional and modern approaches to insurance. It was in 2016 that he began exploring insurtech opportunities, leading to collaborations with innovative companies.
Why Coterie Insurance Stands Out
For agents looking to expand into the small commercial insurance space, Dan emphasized that Coterie Insurance is the perfect entry point. Coterie’s user-friendly platform makes it easy for agents to navigate the complexities of commercial insurance.
Dan described the platform as having a simple interface with basic questions that enable agents to obtain a General Liability (GL) and Business Owners Policy (BOP), quote in under a minute. “The Coterie set of questions is so incredibly basic that it is sometimes mind-boggling,” he explained. By asking for essential information—such as name, address, revenue, number of employees, and a brief description of the business—agents can quickly access pricing and policy options.
This simplicity is crucial for agents who may be hesitant to dive into commercial lines due to unfamiliar terminology or complicated applications. Coterie takes the guesswork out of the process, allowing agents to serve their clients effectively and efficiently.
Capitalizing on Small Business Opportunities
The conversation highlighted a staggering statistic: approximately 50% of small businesses in the U.S. are operated from home. This presents a significant opportunity for personal lines agents to cross-sell small commercial insurance to their existing clients.
As Dan noted, “If you have a homeowner’s insurance policy, what are the chances that that homeowner is also a small business owner?” With over 33 million small businesses in the U.S., the potential for growth in the small commercial sector is immense.
Furthermore, the risks associated with small businesses are very real. According to recent data, 60% of small businesses fall victim to cyberattacks, and a significant percentage face lawsuits each year. With Coterie’s comprehensive packages, including cybersecurity options, agents can provide valuable protection to their clients, enhancing their service offerings and increasing client retention.
The Future of Technology in the Insurance Space and Agency Efficiency
Looking ahead, both Dan and Christine expressed optimism about the future of the insurance industry. With new tools and technologies emerging, the insurance industry is on the brink of a significant transformation. London Underwriters has recently launched LU1, an innovative platform that simplifies access to multiple markets through single sign-on (SSO) technology.
This platform not only streamlines the quoting process for agents but also enhances collaboration between various stakeholders in the insurance ecosystem. As Dan stated, “Our goal is to empower agents to access the best products quickly and efficiently.”
Why Now is the Time to Transition
For agents who have primarily focused on personal lines, now is the time to explore small commercial insurance. With Coterie’s intuitive platform and the support of London Underwriters, transitioning into this space has never been easier.
Dan encouraged agents by stating, “2025 is your year to start small commercial. Don’t be shy. We’re here for you.” The combination of technology and personalized support ensures that agents can confidently navigate the complexities of small business insurance.
The partnership between Coterie Insurance and London Underwriters represents a significant leap forward in the small commercial insurance market. By embracing Insurtech, agents can simplify their processes, expand their service offerings, and tap into a wealth of opportunities in the small business sector.
As the insurance landscape continues to evolve, now is the time for agents to equip themselves with the right tools and knowledge to thrive in this dynamic environment.
