Embroker 101: Modern Insurance for Growing BusinessesEmbroker News
Table of Contents
- The Shortcomings of Traditional Insurance Brokers
- Embroker: The Future of Business Insurance
For most businesses, buying insurance is a frustrating experience marred by endless paperwork and lengthy exchanges with a broker who never seems to give you all the answers. But it doesn’t have to be that way.
The truth of the matter is that the customer experience in the insurance industry has changed very little since the inception of brokerages in the mid-1800s.
We’re working to change that. To quote our CEO Matt Miller, Embroker is not about “disrupting” the insurance industry, the goal is to “massively improve” the customer experience.
Our team of veteran brokers and innovative technologists are paving the path of the modern broker experience by remedying many of the shortcomings and common pain points associated with buying and managing insurance. In short, we’re helping companies find the best value on the right coverage and saving them time while doing so.
The Shortcomings of Traditional Insurance Brokers
While there’s certainly no denying that insurance brokers are still integral to the business world, it’s equally hard to deny that the customer experience that traditional brokers provide has become fairly antiquated.
Businesses want and need expert insurance brokers who understand their business and industry risk and can help transfer that risk with the appropriate insurance products. We agree.
However, we believe there are certain aspects of the customer experience that can and should be radically improved with technology, including:
Endless, Redundant Paperwork
In this day and age, technology helps us streamline and simplify many of the most tedious and time-consuming processes associated with running a business. From human resource management, accounting, and staff scheduling to invoicing, inventory, point of sale and more, there’s an application that can help you streamline virtually all aspects of your business processes.
Why is it that many businesses don’t have access to the policies they spend thousands of dollars on each year? And why is it that you’re still faxing insurance applications to your broker and receiving 200-page insurance policies via snail mail and fax?
Long Waits, Scattered Communication
Technology has enabled the transfer of business information to become an instantaneous process. You can approve a vacation request that one of your employees has submitted and the confirmation will be instantly sent to that employee. You can order a new refrigerator for your office and know within the day that it’s on the way.
Then why are you still waiting weeks to hear back from your broker when trying to insure your business or provide proof of insurance to your client?
Little Proof of Value
Data has changed the way we do business today. Any time you want an update on any business-related KPI, all you need to do is open an app and view your dashboard. When you’re making business decisions, you use the data you have to make informed decisions.
If you appreciate this level of transparency and insight when running your business, then why are 77 percent of small businesses owners blindly trusting their broker to find them the best value on their coverage?
Embroker: The Future of Business Insurance
Embroker is the leading digital commercial insurance brokerage. We pair industry-leading tech and data capabilities with specialized expertise to make insurance work better for your growing business. With the aid of technology and data, our empowered brokers find you the best value on the right coverage and protect your valuable time.
Headquartered in San Francisco, Embroker has offices in Chicago and Boston and customers in all 50 states. We’ve been named one the innovators shaping the future of finance by Goldman Sachs and one of the most promising private fintech companies in the world by CB Insights. We have established partnerships with nearly all of the largest carriers in the world and we’re backed by leading fintech and insurance investors, including the venture arm of XL Catlin — leading carrier and S&P 500 member.
What makes the Embroker team unique is our blend of technology and insurance expertise under one roof. Uniting people from the tech and insurance industries has enabled us to redefine the entire experience of buying insurance for your business.
Our technology digitizes all of your insurance to save you time. This includes digital policies, certificates, claims, and insurance applications. Our empowered brokers work with the data and leading carriers to make sure you’re getting the best value on the right coverage.
Embroker is the fastest, easiest, and least expensive way to intelligently insure any business.
When you upload your policies to your Embroker account, the policies are digitized, analyzed and reviewed by our team of insurance experts – this is our Risk Review and it’s commitment-free.
One of Embroker’s experts will analyze your policies and insurance needs and provide data-driven recommendations based on other businesses similar to yours. We’ll walk you through opportunities to improve value, coverage, or both.
As our software continues to grow and develop, we plan on introducing predictive analytics and forecasting that will be able to increase the speed at which we can find the right policies for you while saving you time and money.
No more taking your broker’s word for it, you have complete transparency and visibility into all of your policies and claims with Embroker. Track everything to eliminate unpleasant surprises. Get a better understanding of potential losses and learn how to minimize them.
A Modern Buying Experience
Every step of the way, whether you’re buying new policies, enhancing coverage or renewing existing policies, Embroker provides an unparalleled experience that’s tailor-made for modern businesses.
New Insurance Programs
Our number one priority is making sure that every business that is insured through Embroker gets the absolute best protection and value out of their insurance policies.
Embroker has highly experienced, expert brokers across the country, most of them specialized in finding the right insurance coverage for businesses of specific industries, ready to provide coverage that is custom-tailored to your business.
A simple digital application helps start the process to secure insurance options from leading carriers that support the needs of your growing businesses.
Embroker is always ready to enhance your current insurance program by recommending new coverage that coincides with your business’s growth trajectory. Our brokers will monitor your coverage continually, identifying possible risks and gaps in your insurance policies and always looking for ways to improve your coverage.
Enjoy peace of mind knowing that the Embroker team is constantly monitoring your coverage, identifying risks, gaps and opportunities for enhancing your coverage.
Effortless Digital Renewals
Businesses often continue using the same, often wrong, broker or carrier just to avoid the hassle that comes with making a change. This often results in a “renewal loop” that leaves companies both underinsured and paying more for the wrong insurance.
With Embroker, you replace redundant, hand-written applications through your Embroker account and digital renewals. All your insurance applications are stored digitally, allowing you to review and approve your renewal applications in a matter of minutes.
Embroker provides an efficient, streamlined renewal process to get you the right coverage from the right carrier with the best possible value.
Moreover, once you’ve transferred all your policies to Embroker, we’ll align your insurance to a singular renewal, so you’ll only have to think about renewals once a year.
Most importantly, you’ll have complete visibility and transparency throughout the entire process of building your coverage, guaranteeing that you are always getting the best value for your money.
With your Embroker account, you have access to a time-saving digital toolstack for your entire insurance portfolio. You can avoid piles of paperwork and speed up just about every one of your most common insurance tasks. All of your insurance-related documents live online, where you have access to proprietary features that no other brokers offer.
Not only is having to get in contact with your broker for every basic insurance-related task inefficient, it’s also completely unnecessary. Embroker puts you in control of the majority of your most common insurance tasks while always having experienced brokers available to you whenever you actually need their expert input.
All of your application data is securely stored in your Embroker account and pre-filled, making it incredibly easy to review and approve policy renewals digitally.
Digitally created certificates of insurance (COIs) enable you to request, share and track proof of coverage online through Embroker, without having to go through your broker.
Manage your claims just as easily with Embroker. Track them directly online without having to exchange endless phone calls or emails with carriers in order to coordinate payouts.
You can also upload all your existing insurance policies into the platform, which we then digitize, turning your long-winded 200-page policies into easily understandable digital policy cards that provide you with a succinct summary of every key aspect of your policy in language everyone can understand.
The Embroker Startup Program
The Embroker Startup Insurance Program is our first ever digital insurance program and represents the industry’s first fully digital specialty lines of insurance. The ESP includes Directors and Officers insurance, Employment Practices Liability Insurance and Fiduciary Liability Insurance, and businesses can purchase all coverages digitally through Embroker.
Through the ESP, underwriting is instant: you get a quote in less than 60 seconds. The custom-built coverage you receive was designed specifically for startups and is fully backed by a coalition of A-rated reinsurers.
As a startup ourselves, we understand what type of coverage growing businesses needs most. With the ESP, we’ve completely refreshed and revitalized the way startups can buy three of the most important and complex coverages no growing startup should be without.
Embroker: The Complete Insurance Brokerage
While we’ve put a lot of work into coming up with a revolutionary digital insurance program for startups, that doesn’t mean that Embroker can’t be used to find the right coverage for just about any line of insurance a growing business requires.
We can not only digitize but also streamline your entire insurance program to make sure that you have the right coverage during every phase of your business’s growth.
Property & Casualty Insurance
Our team of experts will use all of the latest technology at their disposal to build a comprehensive survey of your business’s risk profile and help you to find the coverage you need, whether it be a Business Owners Policy, General Liability & Product Liability, Commercial Auto Insurance and Property, Workers Compensation, Errors & Omissions, Professional Liability, Cyber Insurance, Directors & Officers, Employment Practices Liability, Fiduciary Liability and any other type of safety and loss prevention program.
Another one of Embroker’s proprietary products is our Blueprint Method, which provides business with expert analysis to digitally benchmark your company against similar ones to see where you might be able to improve your coverage and potentially save money as well.
Embroker’s benefits team can work within the framework of the HR system that you are already using and connect you with the right insurance carriers in order to make sure that you have a deep understanding of your healthcare system and the options available to you when it comes to offering the best possible employee benefits packages.
Our benefits solutions include: Employee Benefit Plan Consulting, Executive Benefits, Actuarial Services and Data Warehousing, Benefit Administration Services, Employee Communication & Education, Exchange Strategy and Analysis, HR Automation, Consulting & Compliance, Healthcare Reform Consulting, Retirement Plan Consulting, Wellness Solutions and more.
Looking Towards the Future of Insurance While Learning from the Past
For the insurance industry to remain relevant, it needs to create products that are simple, accessible, and cutting edge. Customers deserve to have an easier and more empowering way to deal with their insurance. This is what Embroker is all about.
Embroker is the result of recognizing that the process of buying business insurance was significantly more difficult, expensive and cumbersome than it should be – than it could be.
That is why we have spent the last several years trying to make good on our promise to completely transform the process and experience of buying business insurance.
We’ve made serious steps towards doing so by first digitizing all aspects of the insurance process and providing our customers with incredibly personalized, data-driven risk reviews. We then help them find optimal coverage quickly, after which, we continue to work on getting them the most value out of their insurance policies as their companies grow and scale.
The Embroker Startup Program was the first step taken towards completely transforming the experience and process of purchasing business insurance. We created our own insurance products that we believe provide the best possible coverage for a few of the most important insurance policies that no startup should be without.
Our long-term plan is to continue innovating and creating our own, unique insurance products, with the goal of improving and streamlining the process of purchasing insurance to the point where transferring risk should not represent any more of a hassle for businesses than transferring money.
If you’re intrigued by what you’ve read and are interested in learning more, sign up for your commitment-free Embroker account and Risk Review or reach out to us and see why we’re the insurance brokerage that’s built for the way you do business: email@example.com.
Let’s break down what types of business insurance policies most small businesses need, what risks those policies protect against, and why businesses buy them.