Commercial tech broker Get Indemnity launches

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InsurTech Futures: Founder Simon Taylor previously worked at Willis, QBE and Chubb in senior roles.

Get Indemnity, an InsurTech broking service has been launched. 

The new broker service has been set up to enable UK companies with a turnover of up to £100m to apply for and manage their commercial insurance online.

In a statement, the new broker’s founder and managing director, Simon Taylor detailed that the InsurTech uses digital on-boarding process and records quantitative and qualitative risk information.

Taylor previously held senior positions at Willis, QBE and Chubb

He commented: “While the application is enriched with data held by third parties to validate the exposure from an underwriting perspective and reduce the information burden on the customer.” 

Taylor told Insurance Age that it uses a GDPR compliant data provider when collating this third party information. 

According to Taylor, customers will be encouraged to provide additional information in reference to their controls and risk management to secure the best terms.

He added: “If we can reduce the level of uncertainty that underwriters include within their rating models, we can offer our customers more favourable premiums.”

Industry
Taylor discussed the sector when unveiling the new broker services.

He detailed that customer preferences are causing change within the market and stipulated that this may be due to the increasing digitisation of the world.

He added: “Our research identified that small-to-medium sized businesses want a simple, transparent and cost-effective service that can be delivered online.

“The old adage ‘insurance is sold and not bought’ is under threat because customers are better informed and don’t need to be pitched to make decisions concerning the products they choose to purchase.

“InsurTech can allow for a more efficient use of human resource and can offer a competitive advantage by improving the customer journey within a digital ecosystem.”

Future
In reference to how he expects the insurance market to change, he theorised that it will follow the banking industry and allow for improved connectivity through APIs.

“Insurer’s legacy systems remain an obstacle, but the ability to capture and transfer detailed risk information creates efficiencies and provides underwriters with better data to price individual risks.”

The holding company for the broker is called Insurance Direct Group Solutions. 

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