The result of market concentration and effective price harmonization is that Berneman thinks that the $18 billion title insurance business should really be a $10 billion market. And thanks to rules requiring public pricing in many states, there’s alignment on pricing from some leading players. That means its risk profile is different, and its pricing less flexible there’s less loss ratio to wring out of title insurance underwriting, so cost and delivery of service are even more important than in other insurance varietals.Īccording to the CEO, the title insurance market in the United States today is made up of four companies with around 90% market share. Title insurance, Berneman said, has around a 1% to 4% claims rate, far lower than auto insurance, to pick an example. Insurtech is hot on both sides of the Atlantic That means that the company’s go-to-market activities are distinct from its mates in the consumer-focused cohort and that its loss profile is very different. That means its customer base is not made up of consumers hoping to cover their main residence, Blueprint CEO Steve Berneman told TechCrunch in an interview. Blueprint, in contrast, sells to professional groups looking for a better title insurance experience. The neoinsurance companies that went public in the last year and a half sell to consumers. ![]() ![]() Blueprint is different from the Roots and MetroMiles and Hippos that debuted via traditional IPOs or SPACs it largely sells to business customers and has a very different product on offer. While Blueprint is an insurtech startup and therefore fits into the neoinsurance cohort that we’ve tracked in recent quarters as a number of companies from the group have gone public, it’s somewhat distinct. ![]() The startup previously raised an $8.5 million Series A in the final weeks of 2019. Blueprint Title, an insurtech startup working in the title insurance space, announced this morning that it closed a $16 million Series B.
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