Insurance Luminaries 2023 Coverage Innovation Honorees
As society shifts, so too should insurance options. (Part 5 of 5)
As society shifts, so too should insurance options. Honorees in the category of Coverage Innovation are furthering fresh approaches to protecting today’s diverse policyholders.
Arch Insurance
Work From Home Accident Coverage
Product
Working from home has become much more common in recent years, creating a need among employers seeking to provide protection for their employees even when not at the office’s physical location. In response to this changing landscape, Arch Insurance created a Work From Home benefit as part of their standard employee accident coverage. It helps close gaps created when an employee works in non-traditional office locations.
In addition to the standard work-from-home situation, Arch’s product offers protection for employees teleworking on vacation — so-called “workcations.” Plus, the product offers benefits for employees who experience domestic violence during a work-from-home situation. This includes reimbursement for an alternative workplace, psychological trauma counseling, and temporary childcare. This product demonstrates Arch’s agile approach to coverage innovation. https://www.archaccidenthealth.com/
Brokkrr Insurance
Amateur Sports Organization Coverage
Product
Brokkrr’s digital insurance package for amateur sports organizations includes numerous innovations. First, it’s a comprehensive coverage package designed to meet the full array of amateur sports needs: accident & health, general liability, inland marine, crime, D&O and employment practice liability.
Traditional offerings required 30-90 days for an amateur sports organization to get a quote on a single line of coverage. Since most organizations need multiple lines of coverage, this meant getting fully insured was extremely time-consuming. Confusion about coverage also led to significant, problematic gaps.
Brokkrr cut processing time down to three days or less for organizations to receive the coverage they need. As a result, their insurance package which has been launched in all 50 states now supports 4,500 affiliate sports organizations with more than 1.1 million athlete members. https://brokkrrmga.com/
Keyes Coverage
Company
Keyes Coverage saw a coverage need that many insurers had missed in their offerings: a substance abuse treatment specialist team. With high rates of substance abuse in the US, the country needs treatment centers, but it is often difficult for treatment centers to access affordable and suitable insurance coverage.
Keyes’ substance abuse treatment specialist team designed and rolled out an innovative new offering to address this lack of provision. Thanks to the deep knowledge and personal connections of their team, the new policy offering has had tremendous success. Over 100 substance abuse treatment facilities throughout the US have utilized Keyes to reduce their premiums and improve their coverage. In addition to coverage, this new offering includes additional services the treatment facilities need, including an HR system, policy and procedure review, auto fleet manual review and audit assistance and compliance. https://keyescoverage.com/
Sigo Seguros
Company
Sigo Seguros demonstrates unwavering dedication to addressing the unique needs and challenges faced by minorities in the insurance industry. By removing fees and biased rating factors that have historically disproportionately affected minorities, Sigo Seguros is actively working towards leveling the playing field and promoting fairness in the insurance market. Sigo Siguros recognizes the diversity of their customer base and ensures that their offerings cater to a wide range of individuals, including coverage for holders of either US or foreign driver’s licenses and IDs.
Sigo Seguros utilizes technology to simplify the entire insurance process with a mobile-first platform. This platform streamlines typically cumbersome processes, making it easier and faster for customers to get a quote, select coverage, sign paperwork and process claims. These innovations help them better serve their customer base in the Spanish-speaking community. https://sigoseguros.com/
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