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Embroker – Smart and cost effective insurance solution

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In View Summary

Currently, the commercial insurance industry is still largely driven by a legacy broker model. Embroker has set out to change this by simplifying the entire insurance process for employee health insurance. Launched in 2016, Embroker has brought some real innovation to the commercial insurance space through the ability to upload an entire policy base in order to assess whether they are accurately covered for their business, compare and buy new coverage across more than 25 leading commercial carriers, as well as file and manage claims all in the same place.

The startup brings a well thought and designed product that solves many inefficiencies in the market. And while highly digitized, Embroker also empowers its customers to receive advice from licensed insurance experts and risk managers through phone, text, video, or chat.

By building products that people love using, Embroker is making insurance less painful and more effective

Using technology, Embroker simplifies the entire insurance process for companies to ensure that coverage matches their needs and removes the hassle of paperwork and non-digitised processes.

Matt Miller, founder and CEO of Embroker  recently stated that“By automating manual processes and making costs and value transparent, we are saving companies time and money and making sure they end up with the coverage they need to match their actual risk. Insurance can be one of the biggest costs a business faces, so getting the right insurance coverage at the right price can have a huge impact on profitability.”

Reported Benefits

Benefit to Customers

  • “Set it and forget it”: proactive monitoring and analysis of existing coverage and needs, identifying gaps, risks, and opportunities for improvement
  • Confusion-free claims: easy to file and monitor claims, and understand how to minimize losses.

Benefit to the Insurer

  • Stay highly relevant by outsourcing the digitisation of the acquisition and claims process
  • Access businesses that are keen for a more modern and customized way of buying critical financial services such as insurance

The Digital Insurer's View

While Embroker brings a significant digital enhancement to commercial insurance, it does not aim to replace incumbent insurers. Rather, Embroker is tackling the purchasing and servicing element of commercial insurance policies whilst maintaining strong partnerships with insurers. The challenge for Embroker will be to find ancillary revenue streams through value added services such as cross-selling location based insurance policies to their existing customer base.

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