Insureon is an online-only “e-agency” targeting smaller commercial accounts that looks to combine the time-saving advantages of buying online with the consultative role of an agent.
“If you're a two-person company, you can get an application done online and get back to doing what you're doing. You don't have two hours to sit down with an agent to get this [application process] done,” says Insureon CEO Ted Devine, adding that the average application is completed in 10 minutes or less.
In addition to offering online quotes, Insureon replicates the traditional in-office broker advisory services with online chat and callback capabilities.
“One-hundred percent of our clients talk to a vertical expert who can help make sure they get the insurance coverage they need, whether it's through chat or a phone call to our licensed professionals. Whatever helps them get through the application effectively,” says Devine.
Insureon reports using InRule for management of its underwriting and workflow business rules, but would only say that its core Web and agency-management technology is proprietary.
Insureon is dependent on the ability of its partner carriers to receive a data upload from its customer-facing online application system and return premium data. “We XML-stream data directly to carriers' rating engines. Our model won't work with all carriers,” says Devine. Insureon's current carriers include CNA, Zurich, The Hartford, Hiscox, Philadelphia, Travelers, Ace and USLI.
Devine believes Insureon has staked out space in an area geared for massive growth: “There are 40 million companies in the U.S. with fewer than five employees. There's tremendous opportunity in letting them buy their insurance online.
“The Internet is not going away,” he adds. “And [users are] not just the young, not just shoppers. [They are] everyday business owners of all ages and all demographics who want to get their insurance as efficiently as possible. This is a channel that will continue to grow.”
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