Corgi has substantial capital behind its expansion. The company reported raising more than $378 million as of its August 26 carrier announcement.
It is also attempting to differentiate itself through technology and artificial intelligence. Corgi describes itself as an AI financial infrastructure company and is building technology across underwriting, servicing and claims.
For independent agencies, the most significant development may ultimately be whether that technology translates into fast quoting and underwriting for ordinary small-commercial accounts.
Small commercial has long been an area where agents can spend considerable time entering essentially the same information into multiple carrier systems. A carrier capable of quickly underwriting common Main Street businesses could attract considerable agency interest—provided it offers competitive pricing, coverage, commissions and a workable agency distribution model.
What We Still Need to Know
Before Corgi becomes a meaningful new market for independent agencies, several questions need answers: Will Corgi appoint independent retail agencies directly? In which states? What will its commission structure and minimum production requirements be? Which products will be available first? Will agencies own and control expirations? Will Corgi offer direct bill, agency bill or both? And how will the company handle situations where an agency’s customer could potentially purchase insurance directly from Corgi?
Those details will determine whether Corgi Insurance Company becomes simply another new commercial carrier—or a significant new market for independent insurance agencies.
For now, the company’s message to the distribution community is encouraging: Corgi is actively inviting brokers and program partners to request appetite and submission information.
