Blackboard Insurance disclosed it has gained approval of its commercial insurance package in Virginia, bringing its reach to 47 states and territories to date.
The news represents a milestone for the unit of American International Group, which started life as Hamilton USA. AIG bought it in 2017 and changed the name when Hamilton’s then CEO, Brian Duperreault, left to become AIG’s new leader.
Blackboard, run by Chief Executive Officer Seraina Macia, is built around the idea that it can transform commercial insurance – from quotes and underwriting to claims and payments – through the use of digital technology, data analytics and automation. AIG runs it as a startup. Blackboard’s commercial insurance package, targeted to middle market customers, includes property, general liability, auto and umbrella across the manufacturing, real estate, retail, wholesale and services industries. The target customer target base has annual sales up to $500 million.
Macia, in prepared remarks, said Blackboard has built significant momentum, particularly over the last six months and with its approval in Virginia.
“Since the launch of our InsurTech startup in 2017, we’ve brought together industry experts, data scientists and technology professionals to build a next-generation insurance platform to better serve the evolving insurance needs of middle market businesses,” Macia said.
Source: Blackboard Insurance/AIG