Insurtech launches platform to automate captive formation

CaptiveSimple Launches New Insurtech Platform

On Tuesday, Insurtech startup CaptiveSimple unveiled a new platform designed to simplify and automate the captive insurance formation process. This development aims to make it easier for businesses to create their own captive insurance companies, which are often used to manage risk more effectively.

About the Platform

The platform offers a streamlined approach to the typically complex and time-consuming steps involved in setting up a captive. By automating much of the required documentation and processes, CaptiveSimple hopes to reduce the barriers for businesses considering this route for risk management. The platform includes various tools and features intended to guide users through compliance and regulatory requirements.

Who’s Behind CaptiveSimple?

CaptiveSimple, founded by a team of insurance and technology professionals, aims to innovate the way businesses approach captive formation. Their expertise in both sectors positions them to understand and address the challenges companies face in this space.

Impact on the Industry

By making the captive formation process more accessible, CaptiveSimple could encourage more businesses to consider this option, potentially leading to greater diversity in the insurance products available on the market. Companies that embrace this platform may find significant efficiencies, which could translate to cost savings and improved risk management practices.

Looking Ahead

The launch of this platform adds to the growing trend of using technology to enhance insurance processes. As more companies explore insurtech options, the landscape of commercial insurance continues to evolve, potentially benefiting both insurers and insureds alike.

Original Source: https://www.businessinsurance.com/insurtech-launches-platform-to-automate-captive-formation/