Michigan Insurance Department Creates Insurance Innovation Hotline

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Michigan is seeking insurance innovation entrepreneurs and has opened channels to encourage innovator interaction with the state insurance department.

The Michigan Department of Insurance and Financial Services (DIFS) announced it has established an insurance innovation hotline and dedicated email address designed to encourage companies, agents and technology-based insurance startups, or “insurtechs,” to interact with the department early in the development of new products.
DIFS Director Patrick McPharlin said in a statement to the agency, “Michigan is open for business.” “We are eager to work with innovators to help navigate insurance regulatory environments as they prepare to market products.”

The department said that changing social and technological trends create an opportunity for tech enthusiasts. Insurtech activity has increased significantly over the past few years and it is expected that the insurance industry will continue to evolve and grow.

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