Insureon’s Mark Thomspon discusses aggregator model

I caught up with SVP of Product at Insureon Mark Thompson to chat on all things digital and small business insurance. Recall Insureon is a Chicago-based digital insurance broker with a wholesale arm targeting the small business shopper. Also recall: the company recently launched Policybuddy, a 2-minute diagnostic tool for small business insurance shoppers.

On the typical small business insurance shopper.

A large portion of small business shoppers are new in business and not necessarily the most educated on all of the insurance needs that they have. “Our job is to ensure that they are getting the necessary coverages to protect their business.”

The challenges of being a digital distributor.

You have to build products differently, which for the most part is not something that’s easily delivered by our insurance partners. Carriers systems are based on old technology while underwriting is based on qualifying risks using questions created a long time ago. Also, as an intermediary, we are smack in the middle striving to keep both sides happy as we match the right customer with the right insurer.

On the aggregator model.

We don’t consider ourselves an aggregator . By no means are we trying to commoditize the insurance product.  Our objective is to give the small business owner options and then work with them to match the right risk with the right product.

On your competitors.

We watch them closely while staying focused on what it is we are here to do, get small businesses the coverages that they need. That being said, there will be more than one winner; it’s a huge pond with plenty of opportunity for insurers and distributors to work better together to improve the insurance buying process for small businesses .

Speaking of Insureon – spotted a new landing page .

Before.

After.

Looking good.