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Smaller businesses need a better way to buy insurance

Startups and venture capitalists taking on this challenge means the writings on the wall for the insurance industry: Innovate or get left behind.

By Rashmi Melgiri | Updated on May 23, 2016
If you’re outgrowing your small-business status and becoming a medium-size business, purchasing and managing the right insurance is a harrowing process. (Photo: iStock)

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.

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