Is Someone Creating AmTrust’s Next Innovation?

A quick search on Google for ‘AmTrust Innovation’ has led me to this page:

…which has led me to this page:

It looks like at one point in time, the NYC-based insurer was amused by the idea of creating a Think Tank Innovation Competition to “any and all AmTrust employees and employees of all AmTrust subsidiaries” to allow participants to vie for $10,000 . “Whether innovating alone or with a team, you’ll have two months to brainstorm, develop and propose an industry-changing idea. Your marketable masterpiece could ultimately become a new coverage, app or service that we can offer to our customers.” The deadline for submissions was September 15, 2017.

Interesting? Possibly.

But here’s what’s more interesting: the ideas AmTrust considered as viable opportunities, in their words:

• Warranty Wallet – since managing a variety of warranties can be a challenge for even the most organized customer, a portal through which extended warranty customers can store and manage multiple warranties would meet one of this market’s needs.
• One Policy for All – coverage that enables insureds to purchase one individual policies/coverages at a bundled price. This would cover an insured in a wide range of risks. This coverage can be customizable to address each insured’s unique situation and requirements and can create cross-selling opportunities and additional revenue for AmTrust. Insureds benefit from simplified invoicing and better financial budgeting.
• Microinsurance – one insurance company offers what they call “microinsurance.” The company describes it as a “lifestyle app that collects data about your things, builds it into a list, then provides machine enhanced risk pricing for single item coverage.” The company “provides micro-duration policies (down to the second), charges micro-premiums (down to the cent) and uses chat robots to manage claims. (If you thought Trov, you got it.)
• AmTrust’s EFT Guard – EFT Guard protects a financial institution’s business banking customers for losses stemming from corporate account takeover, including fraudulent ACH and wire transfers perpetrated through the customer’s system and outside of the care, custody and control of the financial institution A master policy will be issued to the financial institution for selected corporate accounts for a single premium subject to a per-account deductible and per-account limit. A policy aggregate limit of liability also applies.

BTW, the domain www.AmTrustThinkTank.com was created on June 29, 2016.