Mat Miller founder & ceo embroker Matt Miller September 2, 2021 3 min read

Introducing Embroker, a New Approach to Insurance

Embroker logo

Most decisions are pretty straightforward. But, often when we least expect it, we are faced with something different a life-changing decision. We can stay on a path so obvious and natural, so reinforced by the entire context of our lives that it can feel preordained, or we can veer off of it and try something radically different.
I faced such a decision a year ago when I left behind a career in private equity to start something entirely new and unproven. Now I want to explain why I made that choice, and why that choice led me to start Embroker, a startup that I hope will fundamentally change the way insurance is bought and sold.

That an opportunity existed was clear-never before has it been possible to effect so much change with so few resources. In the next twenty years, companies worth trillions of dollars will be faced with existential threats from younger, hungrier, nimbler organizations, and will either find a way to rapidly evolve or they will fade into irrelevance. As importantly, our understanding of what it means to be an employee, or to have a job, will change dramatically, perhaps beyond recognition. We can hide from these truths, or we can prepare for them.
There are many industries that will enable this future, and I believe that insurance can be a primary one. Since the

Babylonians recorded a concept of insurance into the code of Hammurabi more than 4,000 years ago, the ability to protect oneself or one’s business against an uncertain loss has been an integral factor in the birth of new businesses and new business models, from the voyages of the first sailing merchants to the construction of the first skyscrapers.

For the insurance industry to remain relevant it will need to create simple, accessible, up-to-date products that individuals and businesses can understand and see value in.

Yet no other major industry has changed less over the last several hundred years than commercial insurance. The complexity and necessity of its products have protected it from the need to innovate and adapt, and, as a result, insurance has largely been a hindrance to-rather than an enabler of-new business ideas. But the structural factors forcing change in every industry are inexorable, and the insurance industry will need to transform itself. It will need to harness the power of technology, rather than hide from it. It will need to work with companies to unlock radical new business models, rather than avoid new risks or seek to reap windfall gains from them. Most importantly, for the insurance industry to remain relevant it will need to create simple, accessible, up-to-date products that individuals and businesses can understand and see value in.

This is the change that my team and I hope to create. Our company is the result of a few simple ideas-that insurance should be as easy to buy and use as any other product, that technology can and should make processes more efficient and transparent, and that small and medium sized businesses should be able to manage and mitigate risk as well as much larger enterprises.

That’s why I’m pleased to announce that today we’ve begun a beta trial of the Embroker platform, which we think will become the primary tool that businesses of all sizes use to buy insurance. This release is a small step, but perhaps the first in an entirely new direction for the industry. As is with all new things, our work is just beginning, and will continue for months and years to come. But we couldn’t be more excited about the journey, and I hope we’ll meet you somewhere along the path.

If you’re interested in learning how Embroker can help you intelligently insure your business, you can reach out to our team of expert brokers. Or, if you prefer to get started on intelligent quotes, create your Embroker account today.

Mat Miller founder & ceo embroker

Matt Miller

Embroker

Founder and CEO of Embroker – looking for talented, obsessive people to join us in building the first great commercial insurance company of the 21st century

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