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.
Legal warning !
The information, comments and suggestions there are not covered by investment advice. It is based on the author's personal opinions. These views may not fit your financial situation and risk and return preferences. For this reason, based solely on this information, investment decisions may not have the appropriate consequences for your expectation. Our Site is not responsible for any direct or indirect damages incurred by the investors as a result of the use of the information on the Site, deficiencies in the sources, damages incurred by profit, moral damages, or damage to third parties.