SAN FRANCISCO – Embroker, the first modern business insurance platform designed to improve how companies of all sizes buy and manage insurance coverage, announced the public launch of its technology platform on Oct. 11.
The system allows businesses to digitize existing policies and data, analyze, compare, buy new coverages, and file and manage claims all in one place. As the first digitally born insurance brokerage and risk manager, Embroker said it provides insurance solutions tailored to fit the needs of each business and has built the technology platform, resources and scale to serve a full range of commercial accounts.
"There's a massive opportunity for well-designed modern technology products to transform the world of commercial insurance, which is unsustainably inefficient," said Matt Miller, founder and CEO of Embroker. "By automating manual processes and making costs and value transparent, we are saving companies time and money and making sure they end up with the coverage they need to match their actual risk. Insurance can be one of the biggest costs a business faces, so getting the right insurance coverage at the right price can have a huge impact on profitability."
Embroker already partners with more than 25 leading commercial carriers, including seven of the 10 largest, serving companies whose annual spend on premiums ranges from $5,000 to more than $500,000. The company said its platform provides a comprehensive selection of policies ranging from standard to fully customized, enterprise-level risk management functionality, and the first user-friendly experience in commercial insurance.
In addition to its technology platform, Embroker employs a team of licensed insurance experts and risk managers who formerly held senior roles at companies including AON, Marsh, Willis Towers Watson and HUB International. Since releasing the platform into a closed beta in January 2016, Embroker has on-boarded hundreds of companies and expects to grow more than 10 times in its first year of availability.
"Embroker provides a much smarter and easier solution for buying corporate insurance," said Mike Hurst, CEO of Exactuals, a SaaS payment solutions provider. "Embroker's platform identified both coverage gaps and instances of duplicate coverage. Embroker was then able to enhance our coverage while reducing costs by taking a comprehensive view of our risk management needs. The result of their efforts was a stronger insurance program for our growing business, delivered at a lower cost."
Embroker also announced the appointments of insurance veterans Thomas Mangan, formerly CEO of United Benefits Advisors, as vice president of employee benefit operations, and Deanna Johnston, formerly associate general counsel litigation and coverage counsel at Fireman's Fund Insurance, as general counsel and vice president of compliance and human resources. Embroker will also continue to expand its team of industry specific insurance experts and risk managers in both its San Francisco and Chicago offices.
About Embroker: Embroker was founded in 2015 with the mission of building technology to make insurance work better for businesses of all types and sizes. The company has partnered with more than 25 leading commercial carriers and is licensed in all 50 states. Headquartered in San Francisco with offices in Chicago and Boston, Embroker's leadership team has over 100 years of combined insurance industry experience and formerly held key roles at companies like Bain Capital, Google, Bank of America and Charles Schwab. Backed by leading Canaan Partners, Fintech Collective, Nyca Partners, XL Innovate, Bee Partners, Vertical Venture Partners and 500 Startups, Embroker has been named one of 24 companies shaping insurance tech globally by Let's Talk Payments and one of the innovators shaping the future of finance by Goldman Sachs. More details at www.embroker.com.
- 2016 FMO Executive Outlook, Part I: The M&A climate, planning for the DOL Fiduciary Rule, other key challenges
- Prudential restructures U.S. life and annuity business in effort to expand customer value proposition
- Next wave of fee-based FIAs hit the market
- 4 Real Life Stories: Life Happens honors agents for exhibiting outstanding client service
- Optional benefits: Changing a ‘no’ to a ‘yes’
- Despite increasing risks, cyber insurance remains largely disregarded by those who need it most
- U.S. life and health direct premiums expected to decline for the first time in 4 years
- New study provides insight into benefits challenges facing HR professionals