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Run Time: 28:33
in On Point

Do Annual Policies Still Make Sense?

Small businessowners are picking their way through the pandemic. It’s a “massive reset” involving not just restarting businesses, but starting new firms, says Jay Bregman, founder and CEO of insurtech Thimble. And, how those owners view the insurance product could change permanently, he says on this recording. Thimble gives modern workers the flexibility to purchase insurance by the hour, day or month based on their needs – no need for an annual policy. While cancellations are rising in certain job categories, new Thimble policies for freelance janitors and cleaners, landscape architects and others have been increasing. Thimble Monthly customers control their policies via an app, with the ability to scale coverage, add insureds or switch plans instantly. Thimble Monthly can be purchased in just 60 seconds, requires no deposits, and delivers proof of insurance immediately. “Current insurance products simply don’t meet the needs of customers today,” Jay says. This MGA works direct with consumers as well as via retail agents and is primarily backed up by Markel.

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