Meet the insurtech: Thimble
One of the first short-term liability insurance platforms, Verifly, is rebranding to Thimble to reflect a new focus on more small businesses.
Launching in 2016, founders Jay Bregman and Eugene Hertz’s original goal was to provide on-demand insurance to small businesses and independent workers that used drone technology. The mobile application allowed consumers to pay hourly for coverage when they were using UAVs for either recreational and commercial purposes.
“Customers loved it but wanted to know if we can offer a similar experience for other business insurance coverages,” Bergman shares.
So, the company decided to rebrand. It picked the name Thimble and is hoping to build its identity showing the wide range of growth since the original launch in 2016, as well as satisfaction from their customers. Allowing customers to buy insurance on their terms versus the terms of the company, Thimble was created to “reinvent insurance to make it simple, enabling small businesses to succeed on their own terms,” says Bregman.
The mobile app introduces short-term micro-policies allows insurance purchases instantly, making insurance tailored to the jobs of a range of potential policyholders including DJs, handymen, landscapers and more. Currently a mass market product for small businesses owners, Thimble has already reached over one hundred thousand policies sold.
The company’s policies are underwritten by Markel. Scott Whitehead, Managing Director of Markel says, “By breaking down barriers and leveraging technology, Thimble is doing more than bringing traditional policies online -- it is leading the charge to better match insurance needs to the modern worker and delivering it in a way that will make insurance more like other industries.”
Along with the rebranding, Thimble announced the $22M funding led by IAC, parent company of Tinder and Home Advisor, and participation from existing investors Slow Ventures, AXA Venture Partners and Open Ocean.
Michelle Arbov, Head of M&C, IAC said in a statement, “Thimble is just the kind of company IAC likes to back – a smart team with a disruptive technology that aims to shake up a traditional category.” Arbov, continued to say, “Jay and team are poised to redefine insurance coverage for the modern workforce – we’re excited to see what they can do.”