George Douramanis
New York, NY (USA)
Role(s):
Founder/Owner/Principal
Indemna LLC
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Startup
Location:
New York
Industry:
Insurance
Year Founded:
2010
Number Employees:
1,000-10,000 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Company
Description:
The U.S. insurance industry a few years ago surpassed
1 Trillion in combined premiums.
From these premiums, 500 Billion are life premiums and 500 Billion are non life or P&C premiums.
The P&C industry is comprised of 2 main section. 250 Billion in premiums are paid to companies that do business on a direct basis (ie. GEICO) and the other 250 Billion in premiums are individuals or businesses that have insurance policies through independent agents.
This is where Indemna comes exists.
Indemna is a revolutionary type of insurance agency that is primarily online based that provides a complete solution to combine agents, customers and insurance companies in one centralized location in order to effectively compete against the direct insurance company trend that has been manifesting over the last decade.
Because this section of the P&C industry is so segmented, Indemna will be a platform for these various segmented pieces to come together and provide superior service, technology and choice of product allowing this segment of industry to prosper in the 21st century.
Indemna is primarily an insurance agency licensed in all 50 States representing the majority of the almost 3,000 insurance carriers which do business with independent agents. It will serve its clients on a nationwide basis and provide a choice of carriers that is far superior to our next competitor. Secondly it will allow the 50,000 independent agencies to have access to many more insurance companies than they currently have and it might even allow the independents to use our servicing centers and alleviate this cost from there shoulders so that they may focus more on sales.
The possibilities with Indemna in this sector are endless. A format like Indemna does not currently exist and the industry is ripe for such a company.
Please realize that insurance companies typically work on less than 10% margins because of expenses and the possibility of payments for losses. Indemna as an insurance agency gets paid a minimum of 15% of all insurance premiums by insurance companies with no possibility of claims payments. If you take into account the factors of size of scale, Indemna can be larger than most insurance companies without the possibility of risk.