The partnership unlocks: Wider appetite across catastrophe and non-catastrophe areas; Increased opportunities for agents to quote across Package submissions.
WASHINGTON, April 18, 2023 /PRNewswire-PRWeb/ -- Pathpoint, the digital, modern wholesaler where insurance agents can get bindable small commercial E&S quotes in minutes, today announces the expansion of its Commercial Property offering. The expansion centers around the addition of Vave's commercial property product to Pathpoint. Vave is an MGA and Lloyd's Coverholder that underwrites Surplus Lines US Property using a purely algorithmic approach, combining science, data, and precision underwriting to insure high-volume risk.
The partnership unlocks:
- Wider appetite across catastrophe and non-catastrophe areas;
- Increased opportunities for agents to quote across Package submissions.
These enable agents to place more commercial property more efficiently.
Adding Vave to Pathpoint's carrier roster expands agents' opportunity to auto quote submissions across hundreds of class codes, including all-new occupancies like hotels and distributors, in Pathpoint's Monoline Property and Lessors' Risk Only verticals. With the addition of Vave, Pathpoint has doubled its Total Insured Value (TIV) limit from $2.5 million to $5 million ($3 million on a per-location basis).
Pathpoint's Commercial Property expansion directly addresses the market's need for catastrophe capacity. Through Vave, Pathpoint now offers expanded wind coverage in coastal states (including Texas and Louisiana), earthquake coverage, and named storm coverage.
"We're excited to bring much-needed Commercial Property capacity to Pathpoint's extensive network of insurance agents," said Jamie Martin, Underwriting Director at Vave. "Our algorithmic underwriting model provides instant quotes informed by vast datasets, streamlining and simplifying access for Pathpoint users to the non-admitted commercial property market."
In addition to expanded appetite, agents have more opportunities to efficiently secure coverage for their clients. If an LRO Package submission declines, agents can now resubmit the application (without entering information again) to standalone quote the submission across LRO Property and LRO General Liability. Agents can then present the individual quotes to clients and bind either (or both) of the coverage options.
"We've been hearing from agents for months that they have an urgent need for additional Commercial Property options, particularly in catastrophe zones but around the country, and we're excited to better help meet this need starting today," said Alex Bargmann, Pathpoint's CEO. "With an ever-evolving, and hardening market, agents require breadth and depth of coverage as well as flexible quoting options to meet their clients' needs. Pathpoint is the easiest, fastest way to place this coverage."
Pathpoint's expanded Commercial Property offering is now available to any licensed P&C insurance agent across the country binding business through Pathpoint. To learn more about Pathpoint's appetite, visit our Knowledge Base or reach out to a Pathpoint Account Manager.
About Pathpoint:
Pathpoint is the modern wholesaler where insurance agents can get bindable small commercial E&S quotes in just a few minutes. We combine proprietary technology and first-class service to connect insurance agents with fast access to quotes from multiple, A-rated carriers in the Contractors, Vacants, Lessor's Risk, Monoline Property, Restaurants, and Cyber verticals. Pathpoint is licensed in all 50 states and a coverholder at Lloyd's of London. To learn more about Pathpoint visit http://www.pathpoint.com.
About Vave:
Vave is an MGA and Lloyd's Coverholder, backed by Canopius, that is combining science, data, and precision underwriting to insure high-volume risk. With US Commercial Property, Homeowners Property and Flood products currently available, Vave uses massive data sets and advanced analytics to paint a detailed picture of a risk. Vave's proprietary algorithm, which is informed by third-party and internal data sources, adapts to dynamic market conditions, and ensures products remain relevant to the customer. Through automation, Vave has improved inefficiencies in the supply chain for a quicker underwriting process at a lower cost, and with transparency throughout the whole process. Vave's suite of white-labelled API services produce bindable quotes, allowing brokers to access products electronically, and bind and service them in real time.
Potential Policyholders are advised that insurance purchased through a surplus lines carrier that is not licensed in the Policyholder's home state is not protected by the state's insurance guaranty fund and may not comply with other provisions of that state's insurance regulations.
Media Contact
Liz Deranja, Pathpoint, 1 3109362512, [email protected]
SOURCE Pathpoint
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