Specialty insurer HSB recently announced that it has partnered with Appulate, a provider of digital technology for property-casualty insurance, to offer an automated workflow platform for agents and brokers to rate, quote, and bind HSB’s cyber and commercial equipment breakdown coverages online.
The insurer, part of Munich Re, says with the platform agents can now upload ACORD data directly from their management systems and the information interacts with HSB to provide an instant rate and quote.
Digital Insurance recently interviewed Dave Schraeder, chief business development officer at HSB about the new offering and other issues.
What’s the significance of the HSB partnership with Appulate, from the standpoint of agents, brokers, and other interested parties?
Schraeder: HSB is the first, and currently the only, carrier to partner with Appulate to offer equipment breakdown (EB) and cyber coverages. We are committed to working with agents and brokers, making our specialty coverages easily accessible as part of their operational workflows. It’s never been easier for agents to rate, quote, and bind both EB and cyber coverage—protection that is more critical than ever for businesses today.
What are some of the more innovative features of the automated workflow platform?
Schraeder: The ability to bridge data from applications and agency management systems, eliminating the need to rekey information, is a real time-saver for agents. Agents also have the option of entering the data directly into Appulate if they choose. Once the insured record is created, quotes for both coverages can be generated with just a few clicks. Agents can get quotes for two coverages faster than it would have taken them to get a quote for one line of business using traditional methods.
How does this technology work for a typical agent transaction?
Schraeder: Agents open the application information, either in a PDF or in their management system, select “print”, and choose Appulate Uplink as the destination printer. This populates the data right into Appulate. They next select HSB as their market for either EB or cyber and check for any missing information using the indicator. An orange indicator provides direct links to missing information. A green indicator means the submission is complete. Hit submit and retrieve your quote. Agents can get a quote for the other line of business for the same insured by selecting HSB as the market for the other coverage, EB or cyber, checking for missing information and hitting submit again. It’s really that easy, and it’s free for agents to use.
What are some of the other ways HSB is adding new digital capabilities that make it easier for insurance partners to do business?
Schraeder: HSB recently partnered with IVANS Markets, another online platform that is free for agents to use and is embedded directly into some agency management systems. HSB participates in this platform so that agents can see the types of risks that are within our appetite for equipment breakdown, cyber and identity recovery coverages. HSB is constantly looking for new ways to work with agents and brokers, and we know that one size does not fit all. By offering multiple ways for agents to access HSB and our products, they can choose the way that fits their operation best.
