Colorado Department of Regulatory Agencies-Division of Insurance: Innovative Auto Insurance Company Lands in Colorado

DENVER, Colorado, June 20 -- The Colorado Department of Regulatory Agencies' Division of Insurance issued the following news release:

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- Colorado aims to be "InsurTech" hub.

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"InsurTech" is a growing part of the insurance industry, but what is it? InsurTech refers to insurance products and businesses that zero in on technology to improve efficiencies, convenience and consumer savings. These products and businesses focus on consumers' preferences for personalized coverage, faster and easier online experiences and overall improvements to customer service.

Here in Colorado, the Colorado Division of Insurance (DOI), part of the Department of Regulatory Agencies (DORA), has approved the personal auto insurance company Noblr to do business in our state. Easily classified as an InsurTech company, Noblr employs technological innovation through an app that leads to a real-time, usage-based pricing structure that rewards good driving behavior based on how and when people drive. It is designed to move people to become better drivers as a way to lower their insurance premiums and to make our roads safer.

"We want Colorado to be a home for technology-forward insurance businesses, what is known as 'InsurTech,'" said Insurance Commissioner Michael Conway. "People conduct their lives through their smartphones, and insurance is becoming part of that. Insurance can be challenging and complex for consumers, and making it more user-friendly will require different approaches and new ways of tackling old problems. Companies like Noblr can bring innovation, convenience and competition to Colorado consumers."

On top of their technological approach, Noblr is the first Colorado-based reciprocal insurance company to be approved by the DOI. This means that its policyholders are like part owners of the company -- like a cooperative business or a credit union. And these policyholders can have a say in the direction of the company.