For small commercial buyers, fast small business insurance is now a reality. For those small business owners, there are usually three determinant buying decisions when purchasing insurance coverage:
- Price
- Coverage
- Effort
All three of these are important, but effort has been really hard on customers and agents due to insurance carriers’ onerous processes and outdated tech. It often is not worth the hassle for small business owners to take the time to get the coverages they need.
That’s why Coterie Insurance is transforming the industry like no one else. We see the difficulty small business owners have with getting insured, and we’re making it easier for our partners, agents, brokers and small businesses across the country to quote and write small business insurance.
Most insurtechs and insurance providers only have to focus on two things – who are you and what are you buying. But for property and liability insurance – we have added the questions of where are you and what are you doing specifically.
Customers want speed and to be sure the information used to evaluate them is accurate. It’s critical to ensure the decision, coverage, and pricing is accurate. For insurance companies, classifying risk has been historically difficult with long lists of questions, loss control surveys, and other manual processes.
If you ask most underwriters, they’ll say they spend a lot of their time just extracting info and navigating their own internal processes. Not much of their time is spent on actual underwriting decisions.
Coterie is using API and cloud technologies to enable us to capture existing data that business owners have already provided in other places to speed up the information-gathering process. We can then overlay our underwriting judgment, digitally in a transparent way.
From data-savvy insurance professionals and underwriters, we work on complex decisions to enable fast small business insurance. We remove friction to allow agents to focus on serving their customers, instead of serving the carrier.
Pete Buccola, VP of Insurance at Coterie Insurance
