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 Google.
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.