Aug 8, 2018
The New Standard for Startups
When I started building Embroker, I did it because I saw that the process of buying business insurance was broken, expensive and onerous. Over the past few years, we’ve changed that by digitizing all aspects of the insurance process, providing our customers with customized, data-driven risk reviews, and ultimately saving our customers both time and money.
But I also saw that no matter how much you improve the process – the products themselves needed a big refresh, especially the most complex but increasingly the most important coverages like Directors and Officers insurance (D&O) and employment practices liability insurance (EPLI).
So, on behalf of our entire team, I’m thrilled to share that today we are launching our first customized digital insurance products through our new digital Startup Insurance Program. Our new program, which includes D&O, EPLI and fiduciary liability insurance, marks a first for the insurance industry – the ability to buy complex coverages directly online, without paying brokerage commissions and policy fees or dealing with archaic manual underwriting processes. What yesterday took startups at least 3 weeks will take 60 seconds, starting today. Not only is it faster, but we wrote the policies ourselves to offer market-leading coverage, and we are passing the cost savings from digitizing the entire process onto our customers, so pricing will be excellent. See for yourself.
Embroker’s vision is to empower every business to take the risks that will help them thrive. For startup founders, there is no insurance product better aligned with that vision than directors and officers coverage (D&O). D&O protects founders and their executive teams from risk inherent in making decisions as a leader of a company. Without this type of protection, starting a company, or serving on its board, would entail significantly more personal financial risk than it already does.
But the current market for D&O leaves much to be desired. It’s spectacularly bloated, with many layers of intermediaries all taking a cut of the premium, which results in oligopolistic, opaque pricing. Acquiring coverage requires sensitive and time-sucking documents like projected financials and updated cap tables, which results in far too much back and forth and potentially weeks of time waste. As a founder of a startup myself, I found the application process so painful that I refused to go through it until we had built something that I would be proud to offer our customers.
A Better Way
We’ve built an entirely new, more evolved way for startup founders to protect themselves and their business by purchasing D&O, as well as employment practices and fiduciary liability insurance. Our program provides market-leading coverage and is fully backed by Munich Re, one of the world’s leading reinsurers. Coverage can be bound in less than 60 seconds and at stellar prices. It’s not just better than other options in the marketplace, it’s on an entirely different level.
No entrepreneur wants to think about insurance, but it’s an incredibly important part of starting and growing a business. We created our Startup Program because making it easier to insure your business intelligently makes it easier to innovate, to take risks, and to build businesses that change the world we live in.
This program is a huge step forward, for us and the industry overall, but ultimately it will be one of many more to come. As Thomas Edison once said, “To have a great idea, have a lot of them” and in that vein I’m just excited about what we have upcoming. Our core animating belief in this program and the ones to come is that we can build technology to systematize, streamline, and improve decision making processes, and, in doing so, catalyze a fundamental change in commercial insurance, one that will elevate it from an administrative hassle to a modern financial product and make transferring risk as easy as transferring money. As we work to pursue that end, we take great pride and satisfaction in each and every way we can make life easier for our customers, and are incredibly excited to add this program to the top of that list.
Read the press release announcing the launch of Embroker’s Startup Program here
Now that you have a better understanding of how Embroker helps startups get insured intelligently, you may be wondering what we can do for your business and where to go from here. If you need more help or information, you can reach out to our team of expert brokers. Or, if you prefer to get started on intelligent quotes, create your Embroker account today.