The way in which small business owners buy insurance is changing, as the number of ventures owned by Millennials/GenXers increases.
Up to 25 percent of total small business insurance premium could be digitally underwritten by 2020, Willis Towers Watson Securities reports.
“Small businesses are expected to grow an average of 6 percent annually through 2020, at which point over 60 percent of businesses are expected to be owned by Millennials/ GenXers who are much more likely to favor digital management of insurance coverages.”
Traditional insurers are embracing new technologies, both by creating proprietary platforms and partnering with small business insurance distribution focused start-ups.
Here are some recent examples of digital innovation in the $100 billion small business insurance market, via Willis Towers Watson Securities inaugural Quarterly InsurTech Briefing:
Whether a start-up or an established company, disruptions can devastate a business. Small business week is the perfect time to tune up your insurance coverage, the I.I.I. says.