SAN FRANCISCO, April 29, 2021 /PRNewswire-PRWeb/ -- Foresight Risk & Insurance Services, the commercial insurtech platform offering safety incentives to insureds, today announced the availability of Commercial Property insurance lines, including Inland Marine, Contractors Equipment, and Builders' Risk, which will be offered as a complement to Workers Compensation. The launch positions Foresight as a disruptive commercial insurtech in the middle market segment, with a focus on hard-to-place industries such as construction/trades, solar farms, agriculture, manufacturing, and light industrial.
Coverage is now available exclusively through appointed brokers in all eight states in which Foresight operates: Arkansas, Arizona, California, Louisiana, New Mexico, Nevada, Oklahoma, and Texas. The new offering streamlines the complex commercial placing process, furthering Foresight's commitment to bringing insurtech value to brokers. Brokers can now place more of their clients' risk through Foresight.
"The option to add commercial property and inland marine lines onto workers compensation coverage was important to our valued broker partners and their clients, so it became important to us," said David Fontain, CEO and founder of Foresight. "The new lines allow us to deliver ease of doing business to brokers and opens the door to more hard-to-place businesses that want to save on their workers compensation premiums."
In addition to now expanding its insurance offerings, Foresight is poised to launch in several key states and add additional commercial lines to its platform later this year. This expansion will allow the company to meet market demand for a safety-driven pricing model in workers compensation coverage.
Foresight is the only commercial insurtech MGU to focus solely on the middle market, a sector loosely defined by workers compensation policies over $50,000 in premium. Businesses in this segment are more frequently partnered with brokers due to a more complex rating and binding process. Since launching in September 2020, Foresight has received $300M in risk submissions from commercial brokers on the platform and expects to exceed $50M in total written premium by the end of 2021. Foresight is now working with 165 appointed commercial agencies, including 14 of the top 20 agencies in the United States, according to the annual ranking by Insurance Journal.
Foresight is the first insurtech specializing in commercial coverage for the hard-to-place middle market. Our mission is to improve every business we underwrite, starting with workplace safety. Foresight wraps innovative risk management technology into every policy, reducing workplace incident frequency by up to 57% and giving policyholders the ability to earn lower premiums. Learn more about us at getforesight.com.
Seth Leavitt, Foresight, (617) 791-7951, [email protected]