Blitz Insurance Company Profile

Background

Blitz Insurance, established in 2021, is a technology-driven insurance company specializing in the Excess & Surplus (E&S) market, particularly focusing on small commercial property and casualty risks. The company's mission is to revolutionize the $100 billion E&S market by providing a simpler, smarter, and faster coverage experience. By leveraging deep industry expertise and cutting-edge technology, Blitz aims to streamline the traditionally lengthy and manual insurance-buying processes that have long frustrated brokers and business customers alike.

Key Strategic Focus

Blitz Insurance's strategic focus centers on modernizing the specialty insurance sector through technological innovation. The company targets hard-to-place and underserved small and medium-sized enterprise (SME) segments within the E&S market. By offering an end-to-end, technology-forward underwriting platform, Blitz simplifies the insurance process, enabling brokers to obtain bindable quotes in under five minutes without the need for traditional ACORD forms or supplemental applications.

Financials and Funding

In July 2021, Blitz Insurance secured a $20 million seed funding round. The company has been funded with $25 million from its founder and CEO, a Forbes-listed serial entrepreneur in the real estate and insurance industries. The capital is intended to support the development and expansion of Blitz's technology platform and to enhance its market presence within the specialty insurance sector.

Technological Platform and Innovation

Blitz Insurance distinguishes itself through its proprietary, technology-led underwriting platform designed to expedite and simplify the insurance process. Key technological innovations include:

Automated Underwriting System: Utilizes dynamic applications and per-risk rating to generate bindable E&S quotes in under five minutes, eliminating the need for traditional forms and supplemental applications.

Integration with Verisk Solutions: Incorporates Verisk's LightSpeed® Small Commercial and ISO Electronic Rating Content™ (ERC™) to enhance data analytics, streamline rating content integration, and accelerate quote generation and policy issuance.

Partnership with Ascend: Collaborates with Ascend to modernize payment experiences, offering both direct billing and premium financing options, thereby improving operational efficiency and expanding customer segments.

Leadership Team

Blitz Insurance is led by a team of seasoned professionals with extensive experience in insurance and technology:

David Lichtenstein: Co-Founder, Chief Executive Officer, and Board Member.

Frank Baron: President and Chief Operating Officer.

John Busch: Co-Founder and Chief Technology Officer.

Landon Reid: Chief Distribution Officer.

Andrew Kowalske: Chief Product Officer.

The executive team comprises experts in E&S property and casualty insurance underwriting, technology, data analysis, operations, and business development, all with a proven track record of launching successful businesses.

Leadership Changes

In October 2023, Blitz Insurance appointed Bevan Greibesland as the new Chief Underwriting Officer, further strengthening the company's leadership team.

Competitor Profile

Market Insights and Dynamics

The specialty insurance market, particularly the E&S segment, is valued at approximately $100 billion. This sector is characterized by complex risks that standard insurers often avoid, creating opportunities for specialized carriers like Blitz Insurance to offer tailored solutions. The market is experiencing growth driven by increasing demand for customized insurance products and the adoption of technology to streamline underwriting processes.

Competitor Analysis

Blitz Insurance operates in a competitive landscape alongside several key players:

Canopius: A global specialty (re)insurer offering a diverse portfolio of insurance products.

Kinsale Capital Group: Specializes in providing E&S insurance solutions for hard-to-place risks.

RLI Corp: Offers a range of specialty insurance coverages, including property, casualty, and surety.

These competitors focus on various specialty lines, leveraging their underwriting expertise and market presence to serve niche segments within the insurance industry.

Strategic Collaborations and Partnerships

Blitz Insurance has established several strategic partnerships to enhance its offerings and market reach:

Ascend: Partnered to modernize payment experiences, introducing direct billing and premium financing options to streamline financial operations for brokers and clients.

Verisk: Collaborated to integrate advanced data analytics and rating solutions, improving underwriting efficiency and accuracy.

London Underwriters: Teamed up to provide faster, more efficient access to specialty E&S coverage through the LU ONE platform, enabling bindable quotes in under five minutes.

Operational Insights

Blitz Insurance's strategic use of technology provides a competitive edge by significantly reducing the time and complexity associated with obtaining specialty insurance coverage. The company's focus on underserved SME segments allows it to address market gaps that larger, traditional insurers may overlook. By automating underwriting and integrating with leading data analytics platforms, Blitz enhances operational efficiency and offers a superior experience to brokers and clients.