Thimble Monthly Qorus Innovation in Insurance Awards 2020

Thimble Monthly is the first truly monthly commercial and professional liability insurance in the small business insurance industry. It is not an annual policy - there are no deposits or cancellation fees. With Thimble Monthly, a claim arising out of work performed in the policy period can occur up to 12 months after the policy has been terminated so long as the work occurred while the policy is active. Further, as of March 30, Thimble Monthly customers can even pause coverage for up to 30 days should they foresee a near-term slow down in business at no cost. From our conversations with SMBs, we noticed a disconnect between what existing insurers provided and what business owners needed. SMBs typically operate on razor-thin margins and face unpredictability as they scale. Recognizing the shortcomings of traditional annual insurance policies, we designed a dynamic alternative that could grow and adapt as the businesses did. To bring Thimble Monthly to market, Terri Hitchcock, Thimble’s newly appointed CIO, worked with our underwriting partner Markel Insurance Services to best determine risk, pricing, and coverage options. Software product, engineering marketing, and finance teams were all required to bring this to market on Thimble.com and in the Thimble app. Thimble Monthly has grown at an incredible pace: it is currently available in 48 states and the District of Columbia, and accounts for nearly 40% of policies sold. Perhaps more indicative of the product’s success is that 33% of customers switched from an annual insurance plan.