Embroker leverages AI and machine learning for streamlined application and tailored bundles in real-time
SAN FRANCISCO, January 19, 2023–(BUSINESS WIRE)–Embroker, the digital platform making it radically simple to get business insurance, today introduced ONE by Embroker — a universal application that utilizes AI and machine-learning technologies to generate business insurance products tailored to specific industry needs. The streamlined process focuses on critical business information and removes the need for unnecessary and redundant questions, enabling brokers and startup founders to get quotes for a comprehensive bundle of products instantly.
Embroker’s ONE technology leverages 14 questions and learns from data points provided by founders. ONE by Embroker generates up to four quotes specific to the exact coverage individual businesses need. These coverages include Employment Practices Liability, Tech Errors and Omissions, Fiduciary Liability, and Directors & Officers insurance.
Business owners are looking for a single-destination solution for their insurance needs so they can spend less time hunting for answers and more time running their business. Commercial insurtechs offer a vast array of coverage types, yet provide little guidance on choosing the right package of products. This requires founders and brokers to shop multiple locations to assemble the right risk management solution, and after all that work, the coverage may or may not deliver on their specific needs. This process is a burden on the organizations, and does not maximize the capability of their broker: Insurance professionals are forced to spend unnecessary hours shopping for policies across multiple vendors instead of providing value-added services to their customers.
“Founders and business owners shouldn’t be served a one-off, one-size-fits-all solution. When it comes to risk management, businesses need a strategic partner. To truly add value, insurtechs must provide a comprehensive suite of vertically-focused products that address all of their needs,” said Ben Jennings, CRO at Embroker. “ONE by Embroker does just that. We provide a single-destination solution that replaces the traditionally complicated process through a universal application, generating quotes specific to the policies most appropriate for each business based on the broker or founder’s inputs.”
As ONE by Embroker expands with more policies for more verticals, the quotes will include all the coverage a business needs, whether they are Embroker products or not. Through the ONE by Embroker platform, Embroker is changing the way businesses learn about, shop for, and purchase their coverage.
“Leveraging our data science capabilities, we’ve created ONE by Embroker as a universal application that can synthesize and combine products — enhanced with third-party data at scale — to provide a tailored suite of coverage for our customers’ needs,” added Jonas Edgeworth, CTO at Embroker. “Essentially, this new technology platform is our growth engine, allowing us to quickly launch new products into the market moving forward.”
For more information, go to www.embroker.com.
Embroker is transforming commercial insurance by making it radically simple for businesses to get the right insurance at the best price. Embroker focuses on industry-specific coverage for the most complex and inefficient lines of insurance, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker uses predictive modeling powered by proprietary technology to fully automate underwriting and make the buying process simple, fast, and more affordable. 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.
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104 West Partners