Embroker 101

Welcome to the 100% Zero-BS guide to Embroker. We wrote it to answer one question and one question only:

Why should I partner with Embroker to purchase commercial insurance?

The quick and dirty answer: We provide a higher quality insurance solution than any of our competitors.

If that does it for you, please reach out to us now to chat about your policies. Seriously, call this number: (630) 632-3978. We pay this guy Brian to answer your questions, set you up on the platform, and connect you with a broker who has expertise in your industry. He’s basically waiting for your call.

We suspect you’re here for a little more than that, so please read on.

Why Embroker?

It’s a two-part answer. Part one is we’re a tech company shaking up an old-school industry in a refreshingly simple way: Build a modern insurance solution that saves time and lowers the cost of risk. (Don’t just take our word for it — more than 90% of our customers reduced their total insurance spend after switching to Embroker.)

Part two is that our insurance expertise and carrier relationships enable us to compete and beat absolutely anyone. Our leadership team has held senior and board level positions at AON, Marsh, Willis, and HUB International, and all our account executives have no less than 10 years of experience at leading commercial brokers.

And, unlike any of those organizations, we strongly embrace technology. We basically win by outpacing our peers to get you the best coverage possible. Not too shabby.

Still not convinced?

Let’s dig deeper into what sets us apart. Here’s a quote from one of our customers, Rinse Inc. COO James Joun:

"Embroker makes the way we were dealing with insurance before seem ancient"

James feels this way because we hold dear these three simple beliefs:

  • Insurance should be as easy to buy and use as any other product.
  • Technology can and should make processes more efficient and transparent.
  • Growing SMBs or mid-market companies deserve to manage and mitigate risk as well as any large enterprise company.

So ask yourself: how was your most recent insurance buying experience?

Did you get benchmarking data? Within the Embroker platform, we give you free and instant access to data that helps you compare the coverages and premiums of similar companies in your industry. By the way — this kind of data help us pinpoint where companies may be unknowingly paying for duplicate coverage, missing key policies, or just plain overpaying.

We even digitize your coverage so it’s way easier to understand exactly how your risk is protected. In fact, any company can upload their policies to the Embroker platform and have them digitally rendered, analyzed, and reviewed by experts — no strings attached. We even store the original policy document PDF for easy access and downloading.

Buying insurance is ultra easy with Embroker. You can either fill out our (much friendlier) digital questionnaires or send us last year’s applications and policies. Either way, we’ll analyze your risk and scour the market for better coverage and pricing.

It’s seriously that easy...just send your policies to that guy Brian from earlier at success@embroker.com.

So, just how easy is it to manage your insurance with Embroker?

First of all, we’ve yet to meet someone who has a burning desire to “manage insurance.” In fact, most people don’t even know what “managing insurance” means — yet somehow, we’ve made the whole process tolerable.

For example, certificates of insurance (COIs) are not only digital, but you can request and share them with a few clicks, right from the platform. The same benefits of ease apply to claims and renewals as well.

This is just the beginning. Over time, our predictive analytics and machine learning will make our platform even smarter. We’ll be able to customize your coverage with impeccable precision and speed, saving you even more time, money, and inevitable hassle. Besides, don’t you have a business to focus on?

The evolution of a time-tested model: the insurance brokerage

The brokerage or independent agency business model for commercial insurance has been around since the mid-1800s. Sure, it was innovative at the time, but — as most people agree — it hasn’t aged well. Today we’re stuck with paper forms, fax machines, and the gut instinct of a broker you speak with once a year.

To put it bluntly, most companies are poorly served by either unsophisticated local agents or big brokers hampered by bureaucracy, legacy systems, and inadequate technology. If you’re a mid-sized company, the small agency lacks the resources to deliver you adequate value. A large agency will most likely assign you a junior associate to manage your account as way to learn on the job, reserving the experienced brokers for their largest national accounts. And this assumes you’re not dealing with a company they just bolted on without mindful integration.

Both small and large insurance brokerages create intentional friction and complexities for their customers, who end up feeling stuck with them. Lucky for you, there’s now a better way to insure your company.

Embroker is a ventured-backed commercial insurance brokerage with $14.4 million in funding and headquarters in San Francisco, with offices in Chicago and Boston. We broker property, causality, and key man policies for growing SMBs and mid-market enterprises in all 50 states and Washington, D.C. Each one of our brokers have 10+ years experience in the industry and are enhanced by proprietary technology.

Here’s proof that it’s working: We work with nearly all of the largest carriers in the world. We’re backed by leading fintech and insurance investors, including the venture arm of XL Catlin — leading carrier and S&P 500 member — and Hans Morris, former president of Visa, who announced:

"Embroker’s vision of bringing clarity, transparency, and simplicity to insurance decisions will make it the core tool used by businesses of all sizes to buy insurance."

Broker is not a dirty word

Poor brokers — they can get a bad rap. Yes, there are bad ones, but much of our economy wouldn’t work without them. A broker is simply an independent party that matches buyers and sellers in a marketplace. Think of Uber — they match people who need to get somewhere with drivers who provide rides.

At Embroker, we help customers reduce their total cost of risk by matching them with optimal insurance coverage. The cost of risk is simply the sum of insurance premiums plus the expected value of any retained losses or damages plus the costs of managing risk.

Do you know one of the easiest ways to reduce total cost of risk? You improve the quality of your insurance coverage by lowering premiums and/or getting coverage that better fits your risk profile. This is where Embroker shines.

There’s an economic term called information asymmetry, which is just a clever way of saying that one party in a transaction has better information than the other. Under these conditions, the less-informed party is more susceptible to making a mistake when negotiating a transaction.

Purchasing insurance can get complicated when it’s time to review the coverages, premiums, and exclusions in your policies. If you don’t have savvy understanding of the particular risks facing your business, you may likely end up with weak negotiating power with insurers.

Going back to marketplaces — the other key term here is “marketplace liquidity.” It means that more buyers and sellers in any given market will yield better and more efficient pricing. Imagine trying to buy an insurance policy directly from an insurance carrier. That would be like agreeing to buy a share of stock from a seller with no way to check whether he’s giving you the correct price per share. Not very efficient, right?

Embroker represents your interests. We serve as independent agents, which enables us to shop your policies to several (reputable) insurance carriers. Adding our technology makes it all the easier and more powerful, in turn which boosts marketplace liquidity. (By the way, if we don’t happen to shop or market your policy, we let you know exactly why.)

Reducing information asymmetry and increasing marketplace liquidity empowers us to improve your coverage. But improving coverage is just one way we lower the cost of risk. We also focus on:

  • reducing risk
  • managing claims to reduce the size of losses
  • reducing the time your company spends managing all this

The bottom line is if we’re not finding ways to improve efficiency, we’re not doing our job.

Ready to chat?

For the insurance industry to remain relevant — heck, even likeable — it needs to create products which are simple, accessible, and cutting edge. Customers deserve to have an easier and more empowering way to deal with their insurance. This is why we exist.

In the last six months alone, we’ve signed up more than 500 companies and all of them can attest that Embroker has helped them make better decisions for the future of their company.

Sign up now for free, or reach out to us and see our modern approach to insurance benefits your business.

P.S. Check out our blog for further reading.