(Image credit: Čeština/Tiny-Hand.)
Global property/casualty insurer Hiscox (Bermuda) and Insurance Bee (), a startup distributor of liability insurance to small businesses, have partnered to launch InsuranceBee for Agents, an agent partner program to give independent agents instant access to general liability, professional liability and business owner’s policies.
The program will cover more than 180 professions, serving customers through what the firms describe as an easy-to-use portal that enables agents to quote and bind online within minutes, with competitive commission rates which are earned for the lifetime of the policy.
Benefits of InsuranceBee for Agents to its users include the following, as described in the firms’ launch announcement:
- Fast sign up
- Quote and bind for general liability, professional liability and business owner’s policies online
- Instant coverage for 180+ professions, including start-ups and high-risk industries
- Policy documents sent same day
- Competitive premiums
- No fees, no long-term contracts, or sales quotas to meet
- No post bind effort—all servicing and billing managed by Hiscox, including automatic renewals
- Training and support provided by InsuranceBee and Hiscox, with access to webinars and Q&A sessions with underwriters
- An intuitive interface which allows agents to save, retrieve and manage existing policies with ease
The firms note that many direct appointments with insurers require insurance agents to commit to long contracts and deliver on an agreed number of sales. To address this, InsuranceBee designed the onboarding and management process to be streamlined and frictionless, meaning that agents can expand their customer base in a fast and hassle-free way, at no cost to them.
“Independent agents have long struggled to grow their business via direct appointments with top-rated insurance carriers, who want to tie them into long-term contracts and production quotas, at a high cost to the agent,” comments Iain Hatfield, President, InsuranceBee. “Recognizing this, InsuranceBee has developed a solution with Hiscox to offer a wholesaler program that provides instant access to an A-rated insurance company, at no cost to the agent.”
“Agents have been transacting through our portal partners for a decade,” comments Meghan Mueller, AVP, Partnership Strategy Execution, Hiscox USA. “Hiscox has enjoyed a long-standing successful direct-to-customer integration with InsuranceBee, and we look forward to expanding our partnership with them in this new wholesale structure.”
InsuranceBee also has an affiliate program, which it says enables agents to earn referral fees for every quote, with no limits on the number of referrals an agent makes.