(Image source: Ahoy! homepage.)
Ahoy!, a new digital insurance MGA for recreational boating, today launched its technology-driven insurance product for the boating industry. The company pitches the new offering as Built by boaters for boaters, combining proactive, risk-reducing technology, with its founders’ deep knowledge of both boating and insurance to deliver innovative insurance policies for the 21st century.
In partnership with Spinnaker Insurance Company, a Bedminster, N.J.-based national property and casualty insurer rated A- (Excellent) by A.M. Best Company, and with backing from specialist reinsurers Greenlight Re and Topsail Re, Ahoy!’s insurance policies will be available directly and through agents, to boat owners in Michigan, Arizona, Ohio, Wisconsin, and Illinois, with plans to expand across the U.S. in the coming months.
Ahoy! presents its offering as addressing the failure of insurance companies to adapt to the unique needs of the modern boater and tend to bundle boat insurance with other home insurance offerings. “Ahoy!’s sole focus is on this underserved segment, using technology to help protect boater’s vessels and providing them peace of mind, turning what was previously viewed as financial security into a proactive and protective asset,” a company statement says.
Ahoy! describes its team as composed of naval veterans, insurance experts, and experienced high-tech executives, harnessing their expertise to create a holistic digital insurance product that is tailored to boaters’ specific needs. Ahoy! says it has also assembled an advisory board replete with insurance luminaires, including Matthias Weber, former Chief Underwriting Officer of SwissRe.
“A boat isn’t just another piece of property, it’s a lifestyle choice,” says Amit Nisenbaum, CEO and Co-Founder, Ahoy!. “It’s where you create memories, where you escape to when you need a little serenity or the place to run to for some excitement. We’re boaters, we get that. Ahoy! offers a new kind of boat insurance, not only insuring boats but providing technological tools that help boaters proactively avoid risk. Ahoy! gives boaters peace of mind knowing their needs and concerns are addressed by fellow boaters and they can rest assured that their treasured vessels will be protected and ready to enjoy at any time.”
Ahoy!’s customers receive an onboard smart boat kit, which works alongside a proprietary mobile app to offer advanced telemetry features that proactively help reduce risk and prevent damage or injury and comes with a phone overboard protection policy. The mobile app offers alerts such as grounding avoidance, theft recovery assistance, and micro-targeted weather alerts and forecasts, and will soon include a digital logbook and data collection for future trips.
“At Spinnaker, we provide strategic insurance solutions to our partners and deliver a range of services that help high-growth businesses like Ahoy! reach their full potential,” says Torben Ostergaard, President and CEO, Spinnaker. “We are very excited to work with Ahoy! in bringing their new insurance product to market to serve recreational boaters across the country.”
Ahoy!, which is distributed through independent agents and directly online, says it enables millions of licensed insurance agents in the U.S. to offer tailored boating policies to their customers quicker and more easily.
“We are excited to provide agents with a product that keeps boaters safe on the water,” comments Kaenan Hertz, Co-Founder and Chief Insurance Officer, Ahoy!. “Understanding that ease of use is a critical factor, Ahoy! makes it easier for agents to offer their customer’s boat insurance that is tailored to their needs, making issuing and managing policies as easy as possible.”