Contractor GL - Developing New Product, Would Love Input

Next Insurance

New Member
3
It's great to find this community - I have been reading a lot and learning a ton. I am part of the Next Insurance team - we are a startup looking to provide a superior GL product for the construction industry.

I have been doing a lot of research to understand what is already available, what businesses in the industry need, etc. - and would love to get some input / advice from this group. Can you opine on where the unmet needs are in this space?

From what I am seeing:
- challenging to get coverage in certain states (e.g., NY)
- policy structure is very complex - numerous exclusions; simplifying would help
- claims experience is key - need to get that right, important to build the reputation of a provider that pays when things go wrong
- important to have coverage across artisan classes; many construction business do a variety of work that won't fit within a single class
- and lastly, lower pricing is always welcome provided coverage doesn't suffer

I would love additional wisdom! How important is it to offer Inland Marine / Workers Comp / Surety Bonds / Commercial Auto along with GL right away? What other big Construction-specific insights am I missing?

Finally: I know there are quite a few Construction Insurance experts on the forum - if anyone is open to a brief chat over the phone, would love to pick your brain further. Thanks in advance for everyone's help!

- Sofya Pogreb
COO, Next Insurance
 
I'm sorry, but you don't have personal industry expierence and you are developing a GL product?

Construction GL is all about pricing. Contractors nickel and dime like crazy. You should survey actual contractors.
 
Thanks - that's fair feedback, and surveying actual contractors is absolutely part of the plan. However, I'd like to get the agent viewpoint as well - and I am sure great agents guide contractors not to buy based on price alone, right?
 
Thank you - fair point. Talking to contractors is definitely part of the plan as well. I just noticed how many experts there are on the forum - would value agent input as well. Assume great agents take more than just the rate into account when helping a customer make a choice.
 
Sofya,

You are asking our professional experience to fast track your business....
If you take the years to learn the in's and out's to better serve your clients your tech business will be so far behind other competitors.

Hire this out. Put someone on your team that you can go to for the answers. Call me if you need help. If have started other business like this on the side of selling insurance for the past 9 years.

Cheers-
 
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