Small biz insurtech Thimble provides 'Pauses' for strained customers
Small-business insurtech Thimble has introduced an optional feature its customers can use to pause their coverage while the COVID-19 crisis continues.
Customers can now place a hold on their insurance policies without canceling completely. All existing and new customers with a Thimble Monthly policy can now access Pause at no cost via the Thimble app for iOS and Android. Under Pause, which lasts for up to 30 days, customers are still covered for bodily injury or property damage claims for policyholders, as long as the occurrence was not a result of work completed during the break period or prior to having insurance with Thimble. New work will not be covered under Thimble’s Pause feature for businesses, but customers can resume their coverage at any time prior to the end of the 30 day period as well. \
Thimble policyholders comprise a range of proprietors incuding DJs, handymen, and landscapers. As the world is adapting to social distancing for COVID-19, according to Jay Bregman, CEO and co-founder of Thimble, ”being an on-demand product means that we’re much more engaged than an insurer simply focused on an annual renewal.”
He continued, “We’ve had a chance to talk with and survey many of our customers and the responses show empathy, resilience, and determination. We've changed our overall channel strategy and adjusted our paid acquisition budget to match the declined demand. We’ve also really focused on organic growth as well as deeper engagement with our customers.”
Bregman added that in addition to Pause, Thimble launched COVID-19 resource center and “doubled down” on content production across Thimble.com.
Launched in 2016 under the name Verifly, 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 drones for either recreational and commercial purposes. Since relaunching in February, Thimble Monthly already accounts for over 40% of Thimble's overall business. Its policies are underwritten by Markel.
“We think small businesses will come out of this stronger and that there will also be a new crop of entrepreneurs born out of the increase in unemployment,” says Breger.
Thimble's move follows a number of auto insurers providing premium discounts to their customers amid a drop in driving during coronavirus-induced social distancing. Health insurers have followed suit.