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Startups and Innovation terms
Startups and Innovation in Homeowners Insurance: the news, the names and what changed.
Desk adjusterA claims adjuster who handles a claim from an office or home by phone, email, photos and estimating software, usually without visiting the property in person.Fronting carrierA licensed, rated insurer that issues policies for another company's program and passes most of the risk to reinsurers, keeping a fee for lending its license.InsurtechA company that uses software, data and automation to sell, price or service insurance, as a licensed insurer or as an agency or MGA backed by carriers.Managing general agent (MGA)An agency that a carrier authorizes to quote, underwrite, bind and often service policies for a defined book of business, paid by commission and profit share.Parametric insuranceInsurance that pays a preset amount when a measured trigger, such as earthquake intensity or wind speed near your home, is hit, whatever your actual damage.