Have you ever gone to an ophthalmologist for sore throat? No, I haven't either. In a similar fashion, as a commercial risk manager, do you consult a marine broker for a professional liability exposure? Likely not. For many personal lines insurance applicants, similar access to expert insurance advisors has become the new normal. Jetty Insurance represents a great example of how the focus on a niche market allows agents to provide a broad range of alternatives and complementary risk management services to their clients. What I find interesting is their following objectives:
"Jetty is the financial services platform on a mission to make renting a home more affordable and flexible."
"We define ourselves not by the product type, but by the problem type. We are not an insurance company, nor a bank, nor a lender. Rather, we’re a solutions company. We plan to build whatever it takes to drive towards our mission—irrespective of what category, product, or service that pushes us to adopt."
They clearly state the problem they are solving and an awareness that the solution requires both insurance and non-insurance solutions. This approach has become widespread in the industry and will be a critical factor in future personal lines growth, profitability, and acquisition strategies.
Risk management problem solvers will continue to flourish similar to personal auto insurers have with their partnerships with repair facility networks, replacement vehicle dealers, and telematics companies. This bodes well for consumer choice and insurance company flexibility.
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