Pathpoint's Unique Submission Tools and Technology Integrations Enable Automated Underwriting and Quoting for E&S Business, Empowering Agents to Instantly Place GL Coverage for Contractor Clients
SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ -- Pathpoint, the insurance industry's first digital E&S distributor, today announced the launch of a new General Liability submission and instant quoting service for contractor segments, with participation from leading contractor E&S markets.
Contractor-specific coverages available through Pathpoint's web-based platform include builders, construction, carpentry, electrical work, handy people, janitors, landscapers, painters, plumbers, roofers, subcontractors, and more. Agents can access all of these products at no cost, and with no software to download.
The updated appetite and capabilities available via Pathpoint give agents access to both binding and brokerage solutions off a single digital submission. The Pathpoint site handles all the integrations and carrier applications in the background. Together, these capabilities help agents spend less time on placement.
"With the hardening insurance market for contractors and the healthy demand for contractors, the E&S market does what it does best and creates space for those risks," said Bobby Touran, Co-Founder and CEO of Pathpoint. "Given that E&S is playing a particularly important role at this time, we want to make it as easy as possible for agents to service their clients, and the way to do that is with Pathpoint."
Most contractor E&S Supplemental Applications or portals require more than 50 data fields to underwrite and quote business, taking several days to receive a quote. In contrast, Pathpoint's placement platform can automatically underwrite and quote submissions instantly using less than 20 data fields. Coupled with Pathpoint's existing document extraction technology which pre-fills the submission form from uploaded ACORD forms, agents have to complete fewer fields than ever before, and can quote E&S business in minutes against multiple A-Rated markets.
Additionally, Pathpoint is releasing new digital capabilities to support automated processing of endorsements for E&S GL policies. For the first time, retail agents using Pathpoint can automatically quote and bind E&S GL policies with endorsements without having to manually request them. This enables agents to quote more business with fewer round trips to finalize the placement, which is particularly valuable to agents with smaller accounts.
"Agents working to secure coverage for contractors often have to make several submissions, fill out several different ACORD forms and supplementals, and email many different wholesalers or MGAs. There's little visibility and transactions are rarely efficient. Pathpoint provides a solution to all of these problems," said Touran. "For the first time ever, retail agents can instantly produce bindable E&S quotes for their contractor clients with a single submission. Pathpoint takes a process that has traditionally taken hours, days, even weeks down to a process requiring only a few minutes."
Keeping with its strategy to maximize efficiencies gained from technology, the new General Liability quoting product is delivered through Pathpoint's market-leading online submission platform, with Pathpoint serving as the surplus lines agent and handling all servicing and compliance on the back-end.
Pathpoint, Inc. is the insurance industry's first fully-digital E&S placement channel, combining world-class technology and first-class service to give agents bindable quotes from multiple, best-in-class E&S carriers, instantly. Thanks to the efficiencies gained from the technology, Pathpoint distributes these products at lower cost than other brokers, and Pathpoint is free to all retail agents, with no software to download. As a surplus lines brokerage licensed across the U.S. and a coverholder at Lloyd's of London, Pathpoint distributes admitted and non-admitted products across multiple lines of business to U.S.-based retail agents. To request access to Pathpoint today, just visit us at this [link].
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