Digital business insurance services provider
Embroker developed its Financial Services Program added to ONE to help these professionals access to coverage for professional liability, cyber risks and business insurance, after surveying accountants about their insurance needs, according to David Derigiotis, chief insurance officer at Embroker.
"Financial services professionals face near-constant risk from multiple sources," he wrote in a response to questions. "The data confirmed a belief long-held by Embroker: that financial services professionals encounter risks that are more complex than traditional industries, resulting in many insurers providing one-size-fits-some policies. This data affirmed our choices when developing our offerings, catering specifically to the needs of accountants, bookkeepers, and tax preparers."
Embroker expanded coverage form options on the ONE platform to tailor choices for accounting and tax professionals. The company also connected more appropriate coverage options into the platform, such as coverage for errors, omissions and malpractice claims. In its survey, Embroker found 46% of accountants admitted to making errors, and 72% of those reported that their companies were financially liable for those errors.
"The Embroker ONE platform was built with the expressed ability to rapidly meet the insurance needs of businesses; this ease of vertical expansion allowed us to deliver three insurance programs simultaneously, one specific to each industry," Derigiotis said. "Working with top partners, we can digitize analog programs, utilize existing digital programs, or build bespoke products tailored to industry verticals."
At the same time, Embroker updated ONE to serve these groups of professionals with their distinct risk profiles and needs, as Derigiotis explained. Among accountants, 41 percent said they encountered a cyber attack and 78% said they experienced attempted cyber attacks.
"Our single application experience provides the underwriting insights, supplemented with third-party data, needed to accurately cover and price risk," he said. "We complement internal broker expertise with industry and market research to develop programs that address the needs of particular verticals. We also maintain a traditional market placement capability that allows us to meet the needs of customers who may have more specialized coverage needs."
