Pathpoint, a digital, modern wholesaler, has partnered with Vave to expand to commercial property offering.
PathPay aims to make it easier than ever for agencies to manage invoicing and payment collection through two options: PathPay Insured and PathPay Agency.
Any small commercial agent using Pathpoint can set up PathPay in just a few minutes and access a range of powerful tools to save time on their accounting operations. These include digital payment options to eliminate payment errors, live access to payment status, and a book of business dashboard with policy details and commission statements.
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.
According to Pathpoint, the expansion centres around the addition of Vave’s commercial property product to Pathpoint. The company added that the partnership will unlock a wider appetite across catastrophe and non-catastrophe area, as well as increase opportunities for agents to quote across package submissions.
Pathpoint’s commercial property expansion aims to directly address the market’s need for catastrophe capacity. Through Vave, Pathpoint will now offer expanded wind coverage in coastal state (including Texas and Louisiana), earthquake coverage and named storm coverage.
Jamie Martin, underwriting director at Vave, said, “We’re excited to bring much-needed Commercial Property capacity to Pathpoint’s extensive network of insurance agents,” said “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.”
Alex Bargmann, Pathpoint’s CEO, added, “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.”
Earlier this year, Pathpoint, a digital, modern wholesaler where insurance agents can get bindable small commercial E&S quotes in minutes, launched PathPay, a new, streamlined platform.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
