Toronto, ON (Aug. 11, 2020) \u2013 Thimble, the InsurTech startup that helps small businesses succeed on their own terms, has been selected to the Lloyd\u2019s Lab innovation accelerator program<\/a>, where it will develop solutions to support the market to respond to COVID-19.<\/p>\n Throughout the pandemic, many small businesses have learned that their business interruption insurance does not cover losses related to COVID-19. This has resulted in severe blowback on the industry, along with multiple lawsuits pitting small and midsize businesses against their insurers.<\/p>\n As part of Lloyd\u2019s Lab, Thimble will tackle this issue head on. The startup, known for its instant insurance policies of flexible duration, will develop low-limit parametric contingent business interruption coverage to protect businesses from COVID-19 and future pandemics. By doing so, Thimble will position insurance as a \u201cfirst line of defense\u201d that pays small businesses immediately if specific criteria are met\u2013 essentially providing an \u201cinstant stimulus\u201d while governments figure out the rest.<\/p>\n \u201cTraditional insurance policies do not work for pandemics because most policies will pay out at the same time,\u201d said Jay Bregman, CEO and Founder of Thimble. \u201cNo private company can maintain a balance sheet big enough to pay those claims and survive. We can, however, sell smaller policies with lower limits, that would pay out programmatically and instantly if criteria are met\u2013 for example, if all the businesses within a certain zip code are forced to close. We\u2019re thrilled to have the support of Lloyd\u2019s on this vitally important program, as we chart the course for recovery and renewed confidence for our small business partners.\u201d<\/p>\n More than 140 applications were received from across the world for the fifth cohort of the Lloyd\u2019s Lab, which begins on September 7, 2020. Thimble\u2019s selection to Lloyd\u2019s Lab follows a series of major innovations from the InsurTech startup, including Thimble Monthly<\/u>, which enables small businesses to \u201ccut the cord\u201d from annual policies via rolling monthly coverage; Thimble Pause<\/u>, allowing businesses to place a hold on policies without penalty and without needing to cancel; and major partnerships with Hiscox and Angie\u2019s List.<\/p>\n Thimble\u2019s mission is to make insurance simple, to help businesses succeed on their own terms. Its flexible insurance policies are designed with small businesses in mind, who face great uncertainty in normal times, and are now on the road to economic recovery. Available by-the-month or for as little as one hour, Thimble coverage takes less than one minute to obtain and can be scaled up, adjusted or paused at any time. Thimble has sold over 100,000 policies representing over $125B in coverage since launching in 2016.<\/p>\n Founded by Jay Bregman and Eugene Hertz, Thimble is based in New York City and has raised over $29 million in funding from IAC (NASDAQ: IAC)<\/em> and other top firms. All General Liability and Professional Liability policies are underwritten by Markel Insurance Company (NYSE: MKL)<\/em>.<\/p>\n For more information, download the Thimble app or visit thimble.com<\/a>.<\/p>\n The Lloyd\u2019s Lab is the home of InsurTech and is a leading hub for technology-led innovation, with more than 900 applications from international InsurTechs to join the Lab in its first two years. Successful companies join the Lab for a ten-week programme, where they work with insurers in the Lloyd\u2019s market to develop and test their ideas, using the expertise and experience of their mentors to add value to the Lloyd\u2019s market.<\/p>\n Since the launch of the Future at Lloyd\u2019s<\/a> strategy, the Lab has expanded to promote greater collaboration between Lloyd\u2019s expert underwriters and brokers, customers and capital providers.<\/p>\n Lloyd\u2019s is the world\u2019s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market\u2019s underwriters and brokers, Lloyd\u2019s helps to create a braver world. The Lloyd\u2019s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd\u2019s protects what matters most: helping people, businesses and communities to recover in times of need. Lloyd\u2019s began with a few courageous entrepreneurs in a coffee shop. Three centuries later, the Lloyd\u2019s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere. For more information, visit www.lloyds.com<\/a>.<\/p>\n Source: Thimble via Haymaker Group<\/i><\/p>\n Tags: accelerator<\/a>, Business Interruption<\/a>, coronavirus<\/a>, epidemic<\/a>, InsurTech<\/a>, Lloyd’s<\/a>, small business<\/a>, Thimble<\/a> The InsurTech startup, known for its instant, scalable insurance policies, will build a new type of coverage to protect small businesses from COVID-19 and future pandemics Toronto, ON (Aug. 11, 2020) \u2013 Thimble, the...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19345"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=19345"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19345\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About Thimble<\/b><\/h4>\n
About the Lloyd\u2019s Lab<\/b><\/h4>\n
About Lloyd\u2019s<\/b><\/h4>\n
\nRead the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"