Sepoy-logo
No Result
View All Result
Saturday, January 28, 2023
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
No Result
View All Result
SEPOY.NET
No Result
View All Result
Home Business

How to make business insurance attractive

Nicholas by Nicholas
December 21, 2022
in Business
0
How to make business insurance attractive

And this is not the full list. Not even the Canadian Chamber of Commerce, which makes a point of stressing the importance of digitization, mentions insurance  – implementing cash flow is king.

For small business owners, the problem is magnified because, typically, one or two people are responsible for handling every aspect of the firm, from managing employees to making payroll.

And if admin work is a chore, why make it more complicated with paperwork?

Jeff Shaw (pictured) CEO of insurtech firm Cerity, would heartily agree with you.

“The world is moving to digital, and digital insurance is no different,” he told Insurance Business America shortly after the announcement of a partnership between his company – a digital provider of workers’ compensation insurance policies – and fellow insurtech firm, Thimble.

As far as Shaw is concerned, there is no reason why online insurance should not be as easy as shopping online, and he is quick to point out that there is a historical precedent.

“I remember when online auto insurance first came out, everyone looked at it and said ‘that’s never going to happen – you have to have an agent’, but now most people get it online. It’s a little different with business insurance because there’s more complexity, but I very much think it’s going to happen. It’s just a matter of time and awareness.”

The data backs the claim. According to Zippia, a firm specializing in data collection, up to 25% of the insurance industry will be automated by 2025.

The sector itself – which is worth $1.4 trillion in the US alone – has also grown by almost 13% between 2020-2021. Regarding professional liability insurance, the market is set to reach $55,100 million by 2028, up from $43,480 million last year.

The key, according to Shaw, is to reach a greater number of small business owners and convince them of the advantages of going online for their insurance needs, as opposed to going to an agent.

“The biggest challenge is brand awareness and for clients to know that going online is an option. Many companies think that the only option is agent-placed.

“But there’s nothing you do with an agent that can’t be done online. Workers’ compensation insurance is complex, but we have taken the steps to make it less so,” he explained.

That may mean learning about protecting their company and their employees, getting an affordable quote in minutes, or downloading their own certificates of insurance. The goal is simply to provide a one-stop shop for them.

Irrespective of the challenges facing the US economy – and the prospect of a recession – Shaw remains optimistic going into 2023.

“The rapid growth of digital (will continue),” he said. “We’re going to see people become more comfortable shopping online for their business insurance. I don’t think recession is going to hurt, though. I’m always bullish. You see a lot of companies go out of business, but you also see a lot of small companies. If people lose their job and start their own business, they’re going to need workers’ comprehensive insurance – and they’re going to go online.”

READ ALSO

Meteorologist explains why future NatCat claims won’t get any better

Borrowing cars and implied consent: When ‘No’ doesn’t mean ‘No.’

Tags: Small business insurance growth

Related Posts

Meteorologist explains why future NatCat claims won’t get any better
Business

Meteorologist explains why future NatCat claims won’t get any better

January 27, 2023
Borrowing cars and implied consent: When ‘No’ doesn’t mean ‘No.’
Business

Borrowing cars and implied consent: When ‘No’ doesn’t mean ‘No.’

January 27, 2023
CRU GROUP Announces Expansion with New Saskatchewan Service Location
Business

CRU GROUP Announces Expansion with New Saskatchewan Service Location

January 27, 2023
Alberta UCP announces auto rate freeze
Business

Alberta UCP announces auto rate freeze

January 26, 2023
Does your client need D&O or an ancillary coverage?
Business

Does your client need D&O or an ancillary coverage?

January 26, 2023
Wawanesa appoints two industry veterans to new leadership roles
Business

Wawanesa appoints two industry veterans to new leadership roles

January 26, 2023
Next Post
EU regulators quiz rivals on Microsoft tactics after possible Activision deal

EU regulators quiz rivals on Microsoft tactics after possible Activision deal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Roblox Is Unbreakable Trello Is this safe?

Roblox Is Unbreakable Trello Is this safe?

November 4, 2022
Discord Registered Games  Discord Registered Gaming You need to join the Club

Discord Registered Games Discord Registered Gaming You need to join the Club

November 4, 2022
How To Chose the Right Data Analytics Program

How To Chose the Right Data Analytics Program

November 4, 2022
Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

November 4, 2022
Heavy explosion on market square in Halle – three injured

Heavy explosion on market square in Halle – three injured

November 4, 2022

EDITOR'S PICK

Master P Pics, Daughter Tytana, Tatyana, The Master Pearlers, Tytyana, Biography, Wiki

June 6, 2022

Debate on Extra Tax: The Struggle for “War Profits”

June 6, 2022

Discussion at “Anne Will” on the double boom of the traffic light coalition

October 3, 2022

How Does Podcast Subscription Work: Everything Podcasters Must Know

July 26, 2022

About

Sepoy.net is a perfect place for people who want daily updates on news related to business, technology, entertainment, health, cryptocurrency etc.

Contact: [email protected]

Major Categories

News

Business

Tech

Economy

 

Recent Posts

  • Win 1 of 15 EVOLVE manual pipette starter packs from INTEGRA Biosciences
  • Deadly danger: feverish search for radioactive capsule in Australia
  • Latest figures on the COVID-19 pandemic collected by UCLA Health hospitals and clinics

Pages

  • About Us
  • Contact Us
  • Disclaimer
  • DMCA
  • Home
  • Privacy Policy

© 2022 Sepoy.net

No Result
View All Result
  • Home
  • Business
  • News
  • Health
  • Tech
  • Science
  • Lifestyle
  • Travel

© 2022 Sepoy.net