(Photo credit: Jess Foami.)
ProSight Specialty Insurance, a Morristown, N.J.-based specialty carrier, has announced what it calls a significant expansion of its ProSight Direct digital platform which is designed to be provide an “effortless,” fully digital customer experience for professionals seeking insurance coverage. The current launch introduces over 20 new classes of independent professionals to access customized coverage through an easy-to-use direct sales platform, adding to ProSight Direct’s existing offerings for DJs, fitness instructors and wellness specialists.
ProSight’s direct sales play complements its broader digital approach to business. A startup insurer created by industry veterans and opened for business in 2011, ProSight structured its operations and technology to prioritize the customer’s needs rather than the traditional focus on a carrier’s broker relationships.
ProSight Direct fits within the insurer’s distribution-agnostic philosophy and leverages technology to address the insurance needs of individual professionals. It serves a target market worth about $7 billion that is underserved because low premium amounts make the business undesirable to agents and too expensive for carriers to profitably service customers. The small business owner market is also ready to buy insurance online: according to Deloitte, 66 percent of businesses with less than $100,000 of revenue were either “Very Likely” or “Somewhat Likely” to buy insurance direct online (Voice of the Small Commercial Consumer Survey, Deloitte Center for Financial Services, March 2013.)
ProSight Direct’s platform offers what the insurer characterizes as a modern approach to insurance, with custom policies, instant access, and dedicated online support. It presents professionals with the further advantage dealing with the same company that will take care of their claims, instead of being handed off to another company that doesn’t understand their needs—as is typically the case when working with online commercial insurance brokers. Small business professionals can get a quote in less than 60 seconds at www.prosightdirect.com. ProSight Direct reports that it is collaborating with a growing number of marketing partners to offer access to its platform.
“Today’s professional has come to expect an incredible online experience from their financial services providers, but the insurance industry just hasn’t kept up,” comments Darryl Siry, President, ProSight Direct. “ProSight combines the security and service of a real insurance company with the online capabilities and ease of use of a modern tech company, making the whole experience effortless for our customers.”
ProSight Direct’s end-to-end technology platform enables the company to deliver the online insurance experience small business professionals want at a very low cost to serve, since almost every need these customers have can be delivered automatically online with no human involvement. At the same time, ProSight offers customers the opportunity to livechat or talk to a licensed customer service representative if they choose.
“Few if any commercial carriers or InsureTechs have this end-to-end capability for small business,” Siry adds. “Most carriers’ online capabilities focus only on quoting and most InsureTechs are not actually an insurance company and therefore can’t provide the full range of service online. For example, ProSight Direct Customers can modify or endorse their policies online 24/7 without having to send an email or pick up the phone.”