(Image source: Embroker promotional video.)
Embroker (San Francisco), a digital platform aimed at simplifying the purchase of business insurance, has announced the release of its digital Excess Tech Errors & Omissions (E&O) Product, available immediately to brokers. The Embroker platform widens the number of policies brokers can write over while decreasing the time it takes to source this excess coverage, with limits up to $5 million, according to a statement from the company.
Embroker characterizes the new solution as helping to fill a persistent gap in insurance’s wholesale market for digital Excess Tech E&O and Cyber policies. Historically, it’s been difficult for traditional carriers to find excess coverage for InsurTech policies, making it hard for brokers to provide the coverage their clients need, the Embroker statement notes. Embroker’s Excess Tech E&O and Cyber offering—accessible online—is available to wholesale brokers with firms who hold surplus lines licenses, or through one of Embroker’s licensed partner firms.
Easier for Brokers, Better for Businesses
This tool ultimately cuts down on the work involved for brokers, allowing them to provide better service to their customers and get them the necessary coverage at the best price, Embroker asserts. Using just their in-house broker resources, businesses can now access excess coverage to protect against increased risks or meet new contractual obligations, the company says.
“Before InsurTech innovations, our job as brokers was largely manual,” comments Carrie Ligocki, broker, RLA Insurance Intermediaries (Boston). “This new digital option brings a speed and ease-of-use that is hard to beat. It allows me to quickly manage rush submissions without having to wait several days for a quote, which is my favorite feature of this new digital offering.”
“The problems that brokers face in building towers and securing needed capacity ultimately trickle down to impact their business clients,” comments David Derigiotis, chief insurance officer, Embroker. “By tapping into the pain points of brokers and giving them the tools to alleviate these holdups, we can bring tech companies the expanded coverage they need before they need it—all online, using their trusted broker, with no delay.”