(Image source: Counterpart homepage.)
Counterpart, an AI-driven InsurTech offering management and professional liability insurance for small businesses, has today launched its latest API for its key broker partners. The new API offers quote-to-bind services for Miscellaneous Professional Liability, Directors & Officers, Employment Practices, Fiduciary, and Crime insurance products.
A statement from Counterpart characterizes the new API as a timely tool for brokers whose small business clients would otherwise be dependent on the slow and outdated underwriting systems of traditional insurance carriers. Counterpart says it offers faster and more tailored management and professional liability insurance—specialty lines products that historically can take days and even weeks to quote—by leveraging robust data and cutting-edge technology, with an underwriting system powered by AI and analytics.
Counterpart describes itself as being committed to helping small businesses manage some of the most challenging risks, stressing that its API makes it easier and faster for their trusted brokers to provide them with the best quotes possible. “The traditional insurance carrier quoting process doesn’t cut it for small businesses who need a competitive quote so they can get back to running their companies,” comments Tanner Hackett, CEO, Counterpart. “We are trying to drive the small business insurance market forward through APIs, which are table stakes in most other industries, but have yet to be embraced by many insurance companies.”
Customized, Branded Portal
Counterpart reports that some of the most prominent national brokerages—including Brown & Riding, Bridge Specialty, and Jencap—can provide their brokers with access to Counterpart’s Quote & Bind API. Their teams and retail agent partners can take advantage of the streamlined workflows, made available through a single portal that is customized with the branding of each wholesale brokerage, a company statement says.
“Brown & Riding is excited to see Counterpart’s progress in pushing for new distribution methods alongside our API solution partner as they continue to simplify how brokerages can access management and professional liability products,” comments Paul Nowak, EVP, Brown & Riding.
Counterpart saw record growth in 2022, claiming one of the industry’s best loss ratios through continued support of its trusted broker partners and further enhancements to its proprietary underwriting platform. Counterpart’s API, which only wholesale brokers can access through direct integration, is also available through some of the company’s preferred software partners, including MShift, Relay and Herald. Counterpart raised $30 million in a Series B financing round in March 2022, bringing the company’s total financing to $40 million.