The small to medium-sized business market in the United States makes up a massive portion of the American economy. A 2017 study by Deloitte reported there were over 29 million businesses with fewer than 500 employees in the US, representing 99.7 percent of all US businesses and almost half of total private sector employment.
It’s this market Attune provides insurance for.
Attune Insurance is a digital platform that allows business owners to purchase and manage their small business insurance easily and effectively. It’s the brainchild of individuals from American International Group Inc., Hamilton Insurance Group Ltd., and affiliates of Two Sigma Investments, who recognized the gap in the market back in 2016.
Attune’s platform helps small businesses get covered using big data.
“We want to enable a great experience for them [small businesses], and we do that through brokers,” explained Attune CEO James Hobson during a presentation at February’s Insurtech NYC. “We think brokers are a really important part of selling insurance because it’s a complex product, but we want to use technology, analytics, and data to remove all the friction from that process.”
Using Attune’s platform, small business owners can set up a bot policy, a workers comp policy, or an excess policy, each in about five minutes.
A process that used to take business owners days now can be handled in a lunch break, all without complicated jargon and paperwork that risks you winding up with a policy that’s not suited to your unique needs.
When Attune first launched in 2016, Peter Hancock, AIG President and CEO, told Insurance Journal that the venture represented an “important way forward for the insurance industry as it adapts to the disruptive forces of data analytics and the powerful technology supporting it.”
Today, Attune is helping small businesses across the country use big data and analytics to set up small business insurance plans quickly and clearly, without all the friction.
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