PUTTY INSURANCE
REIMAGINING INSURANCE FOR THE GIG ECONOMY
Challenge: Construction is a big market with a lot of opportunity but a traditionally difficult area to underwrite. With the inherent risks of construction, categorizing their work becomes important but difficult
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Objective: I set out to understand the personas within the construction market and what they need from insurance. I also sat with various front line teams within The Hartford to listen to how they connect with construction customers today in order to map how The Hartford thinks about construction and the risks within the market.
Solution: By creating insurance for each project, this supports customers who need insurance but do not have the amount of work to sustain the cost of an annual policy. Also, underwriting a projects enables the ability to underwrite more work while also mitigating risk by selecting the specific projects that are eligible.
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Results:
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This product started as a light beta that was very successful
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Due to the product success, this became a full platform that supports quote, bind, and issue digitally
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Revamps the way construction risk is viewed
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Alters the total number of risk days associated to a policy for an insurer
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My Role: Product Manager