Embroker leans on data science for new product launch

Embroker’s digital business insurance platform is getting bigger and bigger with its new ONE app.

The company started with its Startup Package aimed at small businesses, simplifying policy applications. Focus on Embroker includes cybersecurity coverage and work on the digital transformation of insurance. According to Ben Jennings, Chief Revenue Officer, ONE is building on its previous offerings by applying AI to reach other verticals and bring broker knowledge into the service.

“As an extension of our mission to radically simplify insurance, ONE by Embroker allows us to focus on what we know matters: consumer needs,” Jennings wrote in an email. Digital Insurance. “In short, Universal App has been at the heart of Embroker’s product and mission from the beginning. As we expand our offerings to new verticals, new features need to be created, added and expanded.”

The ONE process focuses on critical business information and reduces the number of questions brokers and business owners must answer in order to receive policy quotes. The platform uses 14 questions, as well as data provided by policyholders, to generate up to four specific quotes.

“Using our data science and analytics capabilities, we have built ONE by Embroker as a universal application that can synthesize and combine products augmented with third-party data at scale to provide a customized service package to meet our customers’ needs,” said Jonas. Edgeworth, CTO of Embroker, in a press release. “Essentially, this new technology platform is the engine of our growth, allowing us to quickly bring new products to market.”

Coverages offered through ONE include liability for employment practices, technical errors and omissions, fiduciary liability, and directors and officers insurance. The quotes generated by ONE will include all required coverage, whether the policies are from Embroker or other underwriters.

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With ONE, Embroker will serve both small companies with simpler risks and large corporations with complex risks, Jennings said. This includes special insurance programs for large and complex commercial risks. “ONE by Embroker is for businesses that are growth oriented and lack the time and resources to think about the risks of tomorrow,” Jennings wrote. “This is for businesses of all shapes and sizes that just need customized, customized solutions for their risk challenges and insurance needs.”

Embroker is targeting industries “in which traditional insurers have struggled” such as fintech and cannabis dispensaries, Jennings added. “These verticals are difficult to serve, but with this technology, we hope to not only improve existing business insurance processes, but create something entirely new.”

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