(Image credit: Getty Images.)
London Underwriters, a Miami-based wholesale broker specializing in admitted and non-admitted insurance in all 50 states, has implemented INSTANDA’s (Hartford) technology to create a new InsurTech: Bunch Insurance.
Founded in 2010, London Underwriters turned to INSTANDA for help to evolve its business strategy In July 2020, according to an INSTANDA statement. As a traditional binding authority, it recognized that new InsurTech entrants were disrupting the way brokers were doing business. Rather than be removed from the distribution model, London Underwriters decided to augment its own processes by developing its very own InsurTech product without expensive systems implementations.
London Underwriters selected INSTANDA’s cloud-native platform to become the foundation of a mobile, flexible and malleable commercial insurance product Bunch Insurance, the vendor reports. As a new InsurTech program offering Commercial Property and General Liability coverages, the product is fully customizable and provides users with complete control of its development, INSTANDA says.
“INSTANDA challenged our thinking of what we thought insurance was and could be,” Daniel Feigenbaum, CEO, London Underwriters and Bunch Insurance remarks. “By being open minded, we have now created a minimum viable product that we can test and iterate on the fly, enabling a higher rate of success for our business. This is just the first of a ‘bunch’ of products we want to create for our consumers. We’re looking forward to partnering with INSTANDA on those future projects.”
INSTANDA says its low code platform enabled London Underwriters to combine different binding authorities, along with API friendly distribution partners, to create a single user experience. Bunch Insurance aims to tap into as much third-party data possible, which means less friction for the customer when applying for a quote. It also means more speed for agents and clients when quoting and binding policies.
“London Underwriters is a prime example of a traditional insurance company that is willing to think and act differently,” comments Greg Murphy, EVP, North America, INSTANDA. “INSTANDA’s platform is agile, user-friendly and easily adaptable to the needs of any insurance business. We’re excited to see how Bunch Insurance is received. We look forward to supporting London Underwriters to create sustained innovation in a complex market.”
The Beta version of Bunch Insurance was launched in September 2020 in the state of Texas. Bunch is now available in Arizona, Texas, Louisiana, Mississippi, Alabama and Georgia.