Michigan Insurance Department Creates Insurance Innovation Hotline

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.

“Michigan is open for business,” DIFS Director Patrick McPharlin said in the agency’s announcement. “We are eager to work with innovators to help them navigate the insurance regulatory environment as they prepare to bring products to market.”

The department noted that changing social and technological trends have created an opportunity for tech-savvy entrepreneurs. Insurtech activity has increased significantly over the last few years and is expected to lead to continuing evolution and growth of the insurance industry.

Innovators are encouraged to submit ideas via email to DIFS-Innovate@michigan.gov. Ideas can also be discussed by calling the hotline number at (517) 284-8666.

Source: Michigan DIFS