Michigan Department of Insurance and Financial Services Encourages Insurance Innovation
FOR IMMEDIATE RELEASE: August 9, 2018
(LANSING) The Michigan Department of Insurance and Financial Services (DIFS) announced the establishment of an insurance innovation hotline and dedicated email address designed to encourage companies, agents, and insurance startups, or “InsurTechs”, to interact with the department early in the development of new products.
“Michigan is open for business,” said DIFS Director Patrick McPharlin. “We are eager to work with innovators to help them navigate the insurance regulatory environment as they prepare to bring products to market.”
Changing social and technological trends have created an opportunity for tech-savvy entrepreneurs. An increasing number of InsurTechs are leveraging new technology to address existing insurance challenges and opportunities. InsurTech activity has increased significantly over the last few years and is expected to lead to continuing evolution and growth of the insurance industry.
InsurTechs have emerged to offer simpler products and a streamlined customer experience. While the InsurTech industry is still in its infancy, the sector is gaining momentum and garnering increased attention from venture capitalists, as well as established insurers.
“We strive to make Michigan a home for innovation and look forward to working closely with innovators to deliver products that will benefit Michigan consumers,” added McPharlin.
Innovators are encouraged to submit ideas via email to DIFS-Innovate@michigan.gov. Ideas can also be discussed by calling the hotline number at 517-284-8666.