A number of carriers have also joined the TrustedChoice.com online commercial insurance platform backed by the Independent Insurance Agents and Brokers of America (Big “I”) to sell small business insurance.
American International Group Inc. and Hamilton Insurance Group Ltd. said they plan to launch a U.S. small to medium commercial insurance market site this quarter.
Last December, Berkshire Hathaway Inc., which owns GEICO, created Berkshire Hathaway Direct Insurance Co. to sell insurance directly to businesses over the Internet. The new insurer said it planned to initially focus on workers’ compensation and business owners’ package policies.
Last month Allstate debuted a platform that it says makes it possible for small business owners to buy a policy in about five minutes. Allstate’s redesigned online commercial insurance system has ease-of-use, speed and transparency features that are touted by various insurtech startups trying to attract small businesses.
Insurers have been moving to add online sales of small commercial lines at time when technology startups are also targeting the small commercial insurance market.
Cruz said offering coverage directly and doing so online makes the insurance more accessible and affordable for small businesses. “We believe this creates real value in the marketplace,” he said.
Cruz said Starr believes it has built “one of the fastest quoting engines for business insurance to date.” The platform promises a policy in three easy steps.
The new digital agency currently offers property/casualty business owner coverages for distributors, retailers, artisan contractors, medical offices, general offices, professional services and social organizations. The insurer has plans to add additional coverages in the coming months, according to Robert Cruz, senior vice president of Starr Companies and member of the board of managers for Starr Insure.
Starr Companies has joined a growing roster of insurers selling insurance directly to small business owners online with its launch of Starr Insure.