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Most online digital channels for commercial insurance are aimed at smaller businesses, mainly those with annual revenue of $5 million or less, and some insurers and brokers say they have no plans to scale much past that level, if at all.
“In my view, not far beyond,” said Kevin Kerridge, executive vice president for small business direct and partnerships for Hiscox USA, a unit of Hiscox Ltd., in New York. “I could see it up to $10 million in annual revenue, but I do think there’s a point where the specialist agents really start to add a lot of value for a bigger business. So I do not see this as the thin edge of the wedge. There’s probably a cap around $10 million in revenue.”
Other sources spoke similarly.
“We’re very much focused on the (small and medium-sized enterprises) market for this product and have no plans to move it into the larger segment,” said John Coletti, chief underwriting officer for cyber and technology in New York for Axa XL, a division of Axa SA.
“We’ve seen the introduction of underwriting platforms to some of the small and midsized space, and even more so, for these automated solutions, in that micro- and mini-segment” of less than $5 million in revenue, said Erica Davis, senior vice president for cyber with JLT Re (North America) Inc. in New York.
“There’s a lot of opportunity that remains in that micro/mini business community,” she added.
People familiar with technology who use it regularly in their daily lives — the so-called digital natives — will likely accelerate the takeup of technology as they continue to enter the workforce, according to industry sources.