May 19, 2022
Niche Success
Vouch Insurance Generates Growth by Focusing on Startups
What: Vouch, a new insurer focused on providing coverage for early-stage startups, expanded into Washington and Florida, making its services available to 97% of venture-backed startups nationwide. With 25x growth over the last 2 years, Vouch currently protects over $11.2 billion in risk.
Why it matters: This is another example of embedded insurance finding success, in this case with banking and real estate. In the same way Lemonade started with renters insurance and expanded to fit the needs of its customers, Vouch is trying to emulate that success, but focusing on business insurance.
Industry Challenge
The Possible Underinsured Homeowners Crisis
What: A recent survey shows that only 30% of homeowners have taken the necessary steps to maintain proper insurance coverage. Inflation has greatly impacted labor and material costs for homeowners claims, so policyholders who haven’t increased their limits are likely to be underinsured.
Why it matters: Insurers need to react quickly to challenges like this, adjusting pricing and product specifications in order to properly protect both themselves and their policyholders.
Read: Most Homeowners Underinsured for Trends in Inflation, Building Costs: APCIA
Industry Challenge
API-Driven Connections are the new Gold Standard for Insurance
What: Agent Portals were once the gold standard when it came to connectivity between agents and carriers. However, with cloud computing advances and growing demand from customers for a seamless experience, portals are losing usage and giving way to API-driven insurance interactions.
Why it matters: Smart regional, national, and specialty carriers have already invested heavily into API technology. It is yet the early days of API driven insurance, but we expect it to be the dominant way of connecting to partners going forward.
Read: Are APIs the Golden Ticket to Seamless Connectivity in Insurance?
Know how tech is impacting insurance.
Get the weekly email that gives you tech insights on important industry trends and stories. Stay informed and understand insurtech, for free.