Berkshire Hathaway has launched a small business insurer called THREE to sell easy to understand insurance directly to commercial buyers. The insurance giant is taking a more customer-friendly approach similar to that taken by fintechs which, combined with access to a sizeable marketing budget, will put THREE in a strong position to win customers in the $100bn small business insurance market. Three offers three types of coverage for businesses ranging from general liability and property damage claims through personal injury claims, life insurance, disability benefits and more.
Berkshire Hathaway has launched a small business insurer called THREE to sell easy to understand insurance directly to commercial buyers. The insurance giant is taking a more customer-friendly approach similar to that taken by fintechs which, combined with access to a sizeable marketing budget, will put THREE in a strong position to win customers in the $100bn small business insurance market. The sector currently has no players with a greater market share than 5%, which could prove an opportunity for THREE to enter and disrupt the market, according to analysts at Morgan Stanley.