An insurtech platform that welcomes producers
Swiftly has unlocked the potential of the most tantalizing but frustrating piece of the insurance market for producers: small business.
Over 98% of non-habitational commercial insurance accounts are small business accounts. But if the average surplus lines broker touches each account for just 1 hour per year, they’ll likely lose money. Due to the sheer number of such accounts, small business remains a tantalizing insurance market opportunity, but is derisively referred to as “flow business” by brokers, since it’s often low or negative margin, due to multiple touch points over the entire policy period.
“The market’s answer thus far has largely been to invest in insurtech platforms that disintermediate producers. But not every small business owner is a millennial that prefers to purchase business insurance on their smartphone with zero professional advice or guidance,” said Michael Lyons, Swiftly’s co-founder and CEO.
How has Swiftly cracked the code?
“Swiftly built a marketplace technology platform faster yet more robust than those of almost all direct sellers. But unlike direct seller platforms, brokers are supported by Swiftly, not cut out,” added, Swiftly’s co-founder and CTO, Dmitry Mnushkin.
How does it work?
“Swiftly technology can onboard surplus lines brokers in under 4 seconds, including OFAC, license verification and other KYC checks. Brokers can then input a submission into Swiftly’s marketplace technology platform in under 3 minutes. If a risk is ineligible, we’ll let you know as soon as we know. We’re not looking for your data. Our only incentive is to help you bind coverage,” explained Mnushkin.
Brokers see an average of 3 bindable quotes, and can switch limit or deductible options + re-price in real-time.
“Everything the broker sees is bindable, but is editable in real-time so coverage and price meet client’s needs. Real-time binds and real-time affirmation mean brokers can trigger endorsements, coverage confirmation letters, additional copies of the policy, etc. within seconds of binding," added Lyons.
Bottom line
“You should be able to get in and out with multiple bindable options and/or a bound policy in under 5 minutes. Plus, follow up service requests are equally time efficient,” said Mnushkin.
“Suddenly, small business accounts can be a broker profit center, instead of a loss leader,” concluded Lyons.
Want to see for yourself just how fast Swiftly is? Then please visit:
The Swiftly marketplace technology platform is launching with an E&S Businessowners’ Policy (BOP) [“A-“/ IX]:
- 17 eligible states / 95 eligible occupancy / NAICS codes
- Small business (under $10M in annual revenue), including start-ups with no operating history Additional states and products being added continuously.
About Swiftly LLC
Swiftly LLC operates a secure, cloud-based insurance marketplace technology platform from Jackson Hole, Wyoming. Through it, insurance underwriters, including MGAs, MGUs, coverholders and carriers, can on-board producers, with complete license verification, OFAC and other KYC background checking in 4 seconds or less, and accept, evaluate, price and quote submissions in as little as 3 minutes. Eligible risk submissions receive an average of 3 bindable coverage options within 2 seconds of submission. The marketplace technology platform has fully integrated secure and auditable chain of custody, including e-signature and merchant services, with real-time policy issuance and real-time affirmation.
About Swiftly Ltd.
Swiftly Ltd. is a global technology company, based in Bermuda. Swiftly's end-to-end proprietary technology ecosystem was built by insurance operators for insurance operators, to support clients in seamlessly operating and administering their insurance business with next-generation service efficiencies. Swiftly specializes in helping to solve many of the insurance industry's most complex technical and operational challenges, including the development and use of context-based level-3 artificial intelligence.