Listen to this articleInsuraTech specializes in creating insurance products that are very hard to find or simply do not exist anywhere in the world. The company offers a totally different experience and constantly improves its services. Below is our interview with Tim Craig, CEO of InsuraTech:
Q: What is unique about InsuraTech and how does it stand out from competition?
A: InsuraTech was formed to provide insurance coverage for the digital assets for the retail and education industries. InsuraTech specializes in creating insurance products that are very hard to find or simply do not exist anywhere in the world. We recently just launched the world’s first insurance coverage to protect online sellers against their lost revenue (specifically related to Amazon sellers) due to a sudden suspension. InsuraTech is a wholly owned subsidiary of James Allen Insurance. We think outside the box and seek out insurance coverages that are very limited or have never been written by other insurers before. We have a solid track record of creating insurance programs and coverage that other insurance companies will not write or have very limited coverage.
Being privately held allows us to be nimble and flexible on how we run and manage our company. If we think there is a need for a new coverage or better coverage, we start from scratch and really figure out how we can provide a very unique insurance program to either be the first ever to provide a certain type of coverage or offer the best coverage available in the market.
Being the first to the market is great and it leaves for a lot of uncertainty, but one of our strongest assets has always been to lead and not follow and to take on major risks. We have done that with this product and we will continue working on our product to provide the best coverage in the market.
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Q: You’ve recently partnered with Voldico Insurance and Well Insurance to market a new policy to cover lost income of online storefront operators; tell us something more?
A: That is correct. We have partnered with Well Insurance and Voldico Insurance to market our program to provide loss of income coverage for the online selling community. We had been working on an ecommerce program for over a year, Matt Lovell of Well Insurance and his partners came up with some of the parameters you will find in our policy, which allowed me to work directly with certain underwriters at Lloyd’s of London to place this program and have their security behind us.
Voldico Insurance came to us towards the finishing stages of us having our program ready to launch and with their help, they provided some further guidance and provided some insight on how this product should be released to the online selling community.
Our philosophy is to offer extreme franchise value to the agents that represent our companies. By partnering with only two agencies, they have a tremendous opportunity ahead of them to sell a much needed product to fill a major gap in coverage. There might be a point in time due to the overall size of the online selling community we have to allow other agents to have access to our program, but not in the near future.
Q: What have been some major milestones over the last 12 months?
A: We just launched our product a few weeks ago. There is major interest in our product and as there should be. Every individual or company selling products or services online should purchase our policy. Suspensions happen daily to no fault of the seller and our policy will respond in that unfortunate event. Our policy will make the seller whole and provides peace of mind to everyone that purchased our protection. We have priced our program to be affordable and provides an open ended list of suspensions that would be covered.
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Q: What geographic markets are you focusing on currently?
A: We are currently focusing on the United States.
Q: What are your plans for the future?
A: We are constantly working on our technology to make it simply for an online seller to obtain a quote and issue their policy. Today it only takes around 3 minutes for a seller to quote their risk and purchase coverage, we want to cut that time in half. We are also working on developing an app and hope to launch it when we roll out other phases of our product.
We have already began to work on phase 2 and 3 of our program. We will be introducing additional coverage to protect the online sellers even further with coverage that is not offered anywhere else as well as additional programs for the online selling community.
In addition, we are already working on taking our product to other countries and more than likely with start with Europe (mainly the U.K.), then Australia and Canada. We have a lot of work to do before we are able to offer our program in Asia, but it is definitely on our radar.
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