INSURANCE COVERAGE GAP
This is the total amount of insurable events that are not currently covered by insurance. In other words, someone's house, business, car, life, health. This is not just a random insurance data point - it is an important marker of the lack of inclusivity in insurance.
INSURANCE INVESTMENT INCOME
This is how much the Property and Casualty Insurance Industry made form their investments in 2021. Do you remember how your rates looked in 2021?
AVERAGE RATE INCREASE
Homeowners insurance saw increases of 12.5%. Directors and Officers Insurance saw increases of over 18%. Other classes saw rate increases upward of 50%. Yikes. What does this tell you?
AVERAGE TIME TO SETTLE CLAIMS
15-30 DAYS for a Homeowners claim to be settled. Longer for other types of insurance. Why does it take so long? There is a gap in the data insurance companies use and a labor and tech "war" in the insurance industry. The inefficiency in processing your claim does not impact the profitability [see above].
AVERAGE INSURANCE OVERHEAD
$0.65 of every dollar is used to pay claims expense, overhead expense and other costs for insurance companies. They have to run a business, so it makes sense they have expenses. But, what incentive do they have to be more efficient. [See profit above].
HOW IS IT SOLVED?
NIMBLE is using technology to solve these challenges. High rates of data [that is shared consensually] plus transaction speeds less than 4 seconds plus automated processes for efficiency plus cash-back, rewards, investment opportunities. The insurance industry has been desperately in need of a makeover, but there wasn't the right tech.
Now there is. And here we are!