As many business owners know, decision making is an everyday responsibility, from big to small and everything in between. Deciding who to purchase your business insurance from, though, is an important consideration that requires time and research. Coterie Insurance is simplifying the commercial insurance solutions process for small business owners so they can get back to what they do best – running their business!
Three Determining Factors for Small Business Insurance
When it comes to small commercial insurance solutions there’s usually three determining purchasing factors: price, coverage, and effort.
Price matters because having business insurance is a necessity, so a small business owner wants to spend their money wisely. Coverage is important because it’s what actually protects their business. Why overspend on business insurance that doesn’t offer complete or, sometimes, too much coverage?
While price and coverage are two factors that are important to consider before purchasing small business insurance, effort has been a particularly challenging hurdle for customers and agents due to carriers’ history of grueling processes and outdated technology. From even obtaining a quote to finalizing the coverage, insurance hasn’t been known to be a streamlined or exceptionally personalized industry.
Coterie Insurance is made for Commercial Insurance Solutions
At Coterie Insurance, we’re transforming the industry in a way that no one has before. Most finTech and insurTech providers only have to focus on two questions: who are you and what are you buying? Is that really enough information to quote sufficient and safe insurance coverage for small businesses?
At Coterie Insurance, we have a few more questions: where are you and what are you doing specifically? These two additional questions provide us with a deeper understanding of your small business and the insurance coverage you’ll actually need.
Like anyone in the twenty-first century, customers want and value speed, but they also want to make sure that the information being used to evaluate them and their small business is accurate to ensure that the decision, the coverage and pricing are also accurate.
Classifying risks based on these four questions alone is significantly more difficult to answer without long lists of questions, supplemental applications, loss control surveys, and other drawn out, manual processes, just to compile this information.
If you ask most underwriters, they’ll tell you they spend a lot of their time just extracting information about a risk and navigating their own internal processes. Overall, not much of their time is spent on actually evaluating and making an underwriting decision.
How Coterie Insurance Is Simplifying the Underwriting Process
Coterie Insurance is using the power of API and cloud technology to capture data about small business owners, which they have already provided in other places or to their agents. By using this data, we can speed up the information gathering process and then overlay our underwriting judgment digitally, in a transparent and expedient way.
Our team includes underwriting veterans and data savvy insurance professionals with over 170 years of collective experience working on these complex decisions in order to simplify the process on the front end. By removing this friction from the process, it will allow our agents to focus on servicing their customers instead of servicing the carrier.
We’ve only launched our initial platform and have plans to simplify the decision-making process even further, so stay tuned!
If you’re in need of commercial insurance solutions or are interested in switching providers, click here to see if you’re in our appetite and get your Coterie Insurance quote.