Innovative auto insurance company lands in Colorado
Colorado aims to be "InsurTech" hub.
DENVER (June 20, 2019) – “InsurTech” is a growing part of the insurance industry, but what is it? InsurTech refers to insurance products and businesses that zero in on technology to improve efficiencies, convenience and consumer savings. These products and businesses focus on consumers’ preferences for personalized coverage, faster and easier online experiences and overall improvements to customer service.
Here in Colorado, the Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), has approved the personal auto insurance company Noblr to do business in our state. Easily classified as an InsurTech company, Noblr employs technological innovation through an app that leads to a real-time, usage-based pricing structure that rewards good driving behavior based on how and when people drive. It is designed to move people to become better drivers as a way to lower their insurance premiums and to make our roads safer.
“We want Colorado to be a home for technology-forward insurance businesses, what is known as ‘InsurTech,’” said Insurance Commissioner Michael Conway. “People conduct their lives through their smartphones, and insurance is becoming part of that. Insurance can be challenging and complex for consumers, and making it more user-friendly will require different approaches and new ways of tackling old problems. Companies like Noblr can bring innovation, convenience and competition to Colorado consumers.”
On top of their technological approach, Noblr is the first Colorado-based reciprocal insurance company to be approved by the DOI. This means that its policyholders are like part owners of the company -- like a cooperative business or a credit union. And these policyholders can have a say in the direction of the company.
The Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA) regulates the insurance industry and assists consumers and other stakeholders with insurance issues. Visit dora.colorado.gov/insurance for more information or call 303-894-7499 / toll free 800-930-3745.
DORA is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675.