Usurance Receives Certificate of Authority in Utah Expanding U.S. Market Presence
Utah-based insurance company Usurance has taken a significant step into the U.S. market by receiving its Certificate of Authority from the Utah Insurance Department, allowing it to officially transact insurance business within the state. This development marks Usurance's entry into the U.S. insurance underwriting market as a licensed carrier, expanding its reach to include property, liability, vehicle liability, and marine and transportation insurance.
According to Dr. Charles Huang, CEO of Usurance, the approval is a crucial milestone in the company's journey. "The fundamental value of insurance is to give businesses the confidence to operate and grow, even in today’s complex risk environment," said Huang. "Receiving our Certificate of Authority in Utah is both a regulatory milestone and a new beginning for us to build a U.S.-based underwriting platform that combines our strengths in cross-border business and multicultural communication."
Huang further elaborated on Usurance's strategic focus, stating, "Our aim is to provide professional, dependable risk protection to U.S. businesses and international companies with significant cross-border operations. We will continue to leverage artificial intelligence across the insurance value chain to enhance service efficiency and build an integrated, highly resilient insurance platform that is both globally connected and locally focused."
Usurance, a relatively rare U.S.-based licensed insurance company with Chinese heritage, aims to serve a diverse clientele, including Asian-American businesses and international companies with cross-border operations. The company is committed to understanding the distinct risk exposures arising from different markets, cultures, and operating models, and providing efficient insurance coverage and risk management solutions.
The company's strategic focus includes markets involving cross-border activities and specialized risk management needs. This includes product liability exposures from products exported by Asian companies to the U.S. and certain specialized risk areas in the U.S. market where traditional insurance capacity may be insufficient, such as residential and property risks in areas exposed to elevated fire risk.
Usurance's operations are complemented by its wholly owned insurance brokerage platform, WUT. For coverage needs that fall outside Usurance's current underwriting scope, WUT can provide access to additional insurance-market resources. Together, Usurance's carrier and brokerage operations enable customers to access a broader range of risk solutions.
Artificial intelligence (AI) will play a critical role in Usurance's future operations. The company plans to apply AI progressively across customer communications, back-office administration, customer service, and claims operations. Multilingual technology can improve cross-language communication, while automation can reduce repetitive administrative work and AI can assist with claims-document review, information organization, and claims triage—helping to improve service efficiency and the overall claims experience.
"We are excited about the potential of AI to improve our interactions with customers," said Huang. "AI has the potential to allow insurance professionals to focus more on underwriting, risk management, and handling complex claims."
Usurance plans to continue strengthening its underwriting, compliance, risk management, customer service, and claims capabilities while expanding its product portfolio and serving a broader range of U.S. and international businesses. With its U.S.-based underwriting capabilities, international perspective, and AI-enabled insurance service model, Usurance aims to build a comprehensive insurance group rooted in the United States and connected to global markets.