Let's get straight to the point: Buying insurance is frustrating. Even with all of the technological advancements we've made in the past 20 years, the process of getting and managing insurance hasn't gotten much easier, especially for small to medium-size businesses who don't get the same service as their larger counterparts.
However, as some industry players make progress on underwriting, pricing and distribution and venture capitalists start backing startups, who are ready to transform and disrupt the insurance industry, we're starting to see a shift in the way businesses are choosing to buy and manage their insurance.
|So, what exactly is the problem?
Limited education. While the Internet has been an incredibly useful tool for finding information on the product or service we are considering, this has not translated to the insurance industry. There is plenty of information about certain insurance types and policies, but more often than not, the content is missing the mark. To truly understand what coverage they might need for their company, business owners usually have to reach out to brokers or insurers for answers.
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