Venture capital groups have poured over $20B into the insurance space over the past 3 years. Many of these investments have gone towards start-ups. Some of them have even gone public with multi-billion dollar market caps.
While many have celebrated the investments geared towards innovation within the insurance space, many professionals within the field have criticized insurtech for providing solutions to problems that don’t exist. Although some of these claims on either side are inflated, many agree that there are still gems hidden with this growing segment.
As one of New York’s fast rising brokers, Lux-STR is seeking to bring a new kind of offer to the insurance space while working closely with high-net-worth insurance carriers including AIG, PURE and Chubb, to offer the best personal asset protections and solutions.
Following the impact of recent data laws and the increasing value of personal information, Lux-STR is providing new data scrubbing services with its offer, helping its clients remove personal addresses, phone numbers and even political registrations from the web as well as various databases.
Operating a program for HNW and UHNW individuals in Westchester County, NY, Lux-STR has seen increased demand for data-scrubs where clients want their personally identifiable information removed to protect their online presence. From home to auto insurance and personal liability insurance, Lux-STR is innovating in the space, and bringing tech to the forefront where it matters most.
Ahmet Bidav, founder of Lux-STR and former rising star at PURE Insurance Group, left PURE to start Lux-STR in order to address some of the growing demands within the insurance advisory space.
In a phone interview, Bidav energetically remarks that “most folks in the insurance advisory space do one of 2 things. The first group operates on obsolete and unsustainable brokerage models, relying on M&A for growth. Alternatively, the latter group is led by Silicon Valley rejects who have a P.T.
Barnum-esque approach and have little to back it up. Buzz words can attract venture-capital, but can’t deliver much else…I’m grateful for PURE- An important lesson I learned at PURE revolved around consumer-centricity. Focus on providing value, on solving real problems, and the rest seems to fall into place.”
As the web becomes ever more interconnected, it’s becoming easier for personally identifiable information to get indexed in search engines, which can lead to identity theft and fraud. With data scrubbing and data removal, individuals and families can benefit from enhanced privacy where profiles or listings can be removed from the web. This includes social media profiles and auto-generated listings using their data which has been sold by other companies, often without their knowledge or permission.
Making individual requests to search engines to remove content can be an uphill task, and take months, and doesn’t remove the source of the information. With data-scrubbing, Lux-STR is bringing market leading privacy informational removal to its offer for the first time as a complimentary service to its insurance clients.