The New Standard in Insurance for Startups Gets Even Better
Today, with the launch of our fully-automated policies for Errors and Omissions and Cyber coverage, which we custom-made for technology companies, we’ve officially completed the rollout of our Startup Program.
Building a startup is brutally hard. I feel a great deal of appreciation to anyone and anything that makes the journey easier and reduces the cognitive load that founders and executives deal with.
Whether payroll, expenses, HR or insurance, there’s a seemingly endless stream of small things that get in the way of the real innovation at hand. And when the small things are painful to deal with, the big things also become painful to deal with.
Last summer, we hit a major milestone in the trajectory of our own startup when we introduced the Embroker Startup Program to help other high-growth tech companies solve an unavoidable pain points: corporate insurance. Overnight, the process of buying Directors and Officers and Employment Practices insurance went from a weeks long ordeal to something that could be done in less than five minutes, resulting in better coverage and reduced pricing.
This wasn’t simple or easy- we spent two years building an algorithmic underwriting model that eliminates legacy complexities and removes antiquated layers of intermediation that simply don’t serve businesses…yet add a lot of costs. And headaches.
Having built a better way to cover management liability, our next move was to ensure that high-growth tech companies were also covered for the equally critical liability for their professional services or the cyber risk inherent to their business model.
Today, with the launch of our fully-automated policies for Errors and Omissions and Cyber coverage, which we custom-made for technology companies, we’ve officially completed the rollout of our Startup Program. Now, other tech company founders and executives have access to every critical policy they need in minutes, at a lower cost, and with better, more tailored coverage.
When we broke ground on the Embroker Startup Program with our two initial policies last summer, we set out to introduce an entirely new approach to commercial insurance: fully automated, digital products designed to cover the exact risks faced by specific industries. Since building our first policies specifically for technology startups, the response from the market has been incredible, if not entirely surprising. After all, products that are unequivocally better, cheaper and faster tend to quickly gain popularity – as Seth Godin said, “When you put the right idea into the world, people can’t unsee it.”
During our first eight months on the market we’ve hit some pretty amazing numbers, such as average month-over-month premium growth of more than 25%, average cost savings of more than 20%, and a perfect NPS score of 100. By adding E&O and Cyber coverage to the program, we expect this momentum, and the time and money we’re saving startup founders and executives, to increase even further.
Last month we also announced our Series B, $28M of new investment led by Tola Capital. We’re thrilled to have the support of both new and existing investors in our mission of radically improving the way insurance works for businesses. With today’s launch, we’ve taken another major step toward that end.
As Russell Simmons, the founder of Def Jam Records, once said, “You just have to pay attention to what people need and to what has not been done.” This is the approach that has brought us here and is exactly what we will continue to do in the months and years ahead.
From the entire team at Embroker, here’s to everyone building something new, something better.
Read the press release announcing the launch of Embroker’s new E&O / Cyber policy here.