Bindable, a prominent InsurTech firm specialising in alternative distribution technology and services, has introduced a new solution designed for businesses interested in establishing property and casualty (P&C) insurance agencies.
The introduction of this virtual agency model addresses a growing demand from companies in insurance-adjacent sectors that are increasingly seeking to incorporate insurance offerings into their service portfolios, according to InsurTech Insights.
Bindable’s model allows these organisations to expand into the personal lines insurance market, fulfilling consumer demand for one-stop financial service options with trusted, independent providers.
Bindable, headquartered in the InsurTech space, is focused on creating alternative distribution solutions that make it easier for companies to add insurance to their existing services. The firm’s offerings empower companies by leveraging digital tools and industry expertise to simplify the insurance delivery process.
Its technology and support services are designed to help businesses quickly establish a presence in the P&C insurance market, enabling them to provide seamless insurance services to their clients.
The newly launched virtual agency platform is fully customisable and branded for each partner, offering an efficient entry into the insurance market without significant upfront investment.
Key features of the model include a digital marketplace, a dedicated telephonic support system, and Bindable’s proprietary customer relationship management platform, Policy Crusher®, which facilitates comparative rating and cross-selling.
Through this platform, businesses can offer a comprehensive range of insurance products, including home, auto, renters, flood, pet, travel, RV, and umbrella policies, all tailored to meet diverse customer needs.
In addition, Bindable provides access to a team of licensed agents available for white-label support, a valuable resource for companies needing interim assistance as they establish their own insurance services.
Bindable reports that companies using its virtual agency model can expect to save significantly, as starting an independent agency is often more than twice as costly. The turnkey approach includes both foundational infrastructure and strategic support, enabling businesses to enter the market with efficiency and speed.
This model offers companies a significant advantage by allowing them to bypass traditional barriers to entry in the insurance market. In working with Bindable, companies can enhance customer acquisition and retention while establishing a fresh revenue stream.
“In the face of a challenging market, consumers are increasingly valuing the option to purchase insurance from independent, reliable sources,” Bindable co-founder and CEO Bill Suneson said. “We’re excited to offer a unique path for companies to unlock new revenue streams and leverage Bindable’s technology and expertise to expand their service portfolios.”
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