SAN FRANCISCO--(BUSINESS WIRE)--Over the past year, Embroker, the digital insurance company radically simplifying the insurance buying experience for businesses, has made significant strides in this mission, with new leadership appointments and introducing new AI-powered features to its ONE platform. The company has also expanded its vertical reach, including new comprehensive, tailored coverage programs for real estate, consultants, and financial professionals. The company has also released a new program of policies for law firms on its ONE platform. Embroker has also partnered with Everspan, named 2024’s Fronting Carrier of the Year by Insurance Insider, to further digitize the insurance experience. These achievements not only highlight the momentum Embroker is making in its goal to deliver a seamless insurance buying experience, but also to grow the company’s leadership position in the insurtech industry, setting new standards in digital insurance.
Everspan and Embroker: Modernizing Legacy Insurance
Through this strategic partnership, Everspan, a specialty property and casualty insurer, now underwrites new coverage programs on Embroker's ONE platform, which includes their newly released packages for accountants, bookkeepers, tax preparers, real estate agents and consultants. This enhances Embroker’s ability to provide tailored solutions for a broader range of businesses and allows Everspan to expand its distribution capabilities and improve the overall customer experience for policies on Everspan paper.
Amidst the traditionally slow pace of innovation in commercial insurance, Embroker’s partnership with Everspan is a prime example of strategic adaptation in the evolving marketplace. By creating a digitally-driven underwriting experience, Embroker cuts down on the repetitive processes many experience when purchasing coverage.
“Technological innovation in insurance is critical if the industry expects to keep up with expanding customer expectations,” said Ben Jennings, CEO of Embroker. “With Everspan, we're accelerating the digitization of the industry, partnering with forward-thinking carriers like them to improve our tailored offerings. This not only enhances growth velocity but also reinforces our commitment to customer-centric solutions, safeguarding businesses and allowing them to remain focused on driving their core business.”
Investing in AI to Streamline Insurance for Brokers
Embroker launched an AI-powered document ingestion feature designed to simplify the insurance application process. This technology extracts and processes data from common insurance applications, reducing the manual input process for brokers. The technology uses PDF review capabilities and advanced reasoning technology to extract data from documents and pre-fill applications, reducing broker effort without sacrificing accuracy.
“Our ultimate goal has always been to simplify insurance for the customer, but with AI, we’re able to do more than that,” said Jennings. “This innovation reduces time-consuming tasks not just for customers, but for brokers too. Automation tools built into the application process allow brokers to focus on delivering tailored experiences and coverage to their clients.”
This new feature could save account managers up to 40 hours per month, showcasing Embroker’s dedication to using technology to boost both customer and business value.
Advancing Embroker ONE with CIO Andy Lea
Lea brings over two decades of experience in insurance, having held key roles at companies such as Marsh USA, Swiss Re, AIG and Vantage Risk, where he most recently served as Chief Underwriting Officer. As Embroker’s Chief Insurance Officer, Lea is focused on advancing the ONE platform and expanding the company’s tailored, vertical-specific solutions for customers. Lea aims to drive momentum by enhancing customized offerings that deliver unmatched value across various verticals.
Lea has successfully launched and managed underwriting platforms for Cyber, Tech E&O, MPL, Law and Accounting E&O. His expertise in navigating international markets and technology-driven innovation positions him as the ideal candidate to lead Embroker’s continued growth in the digital insurance space.
Embroker ONE Available for Even More Verticals
To continue on its mission to bring superior coverage to underserved markets, Embroker this year announced services for four new verticals: real estate, consultants and financial professionals. The company also expanded its ONE platform experience by adding a full package for legal professionals including Lawyers Professional Liability, cyber insurance, business owners insurance and workers compensation. These policies are built on Embroker’s ONE technology, offering comprehensive professional liability, cyber, business owners’, and worker’s compensation coverage through a seamless, single-application experience.
As Embroker expands its offerings, the digital insurance company will continue to find protections that resolve the threats to other underserved industries. In building a digital-first, customer-centric insurance experience, Embroker’s mission is to dismantle the legacy inefficiencies from the commercial insurance buying experience. Embroker connects businesses directly to their policies to better protect underinsured industries often overlooked by others, and make them more informed about their risks and how they can combat them.
To learn more about Embroker and the Embroker ONE platform’s ongoing development, visit www.embroker.com.
About Embroker
Embroker is a digital-first insurance company helping businesses manage risk with a radically simple approach. Embroker is enhancing the legacy and manually intensive technology of the commercial insurance industry with an end-to-end digital insurance platform that intelligently recommends industry-tailored coverage programs, all in minutes. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker’s industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors. With a Net Promoter Score (NPS) of 70+, Embroker is also the highest-rated business insurance company in the market. Visit www.embroker.com for more information.
