Embroker leans on data science for new product launch

Digital business insurance platform Embroker is going broader and wider with its new application, ONE.

The company began with its Startup Package geared to small businesses, simplifying applications for policies. Embroker’s focus includes cybersecurity coverage and working to digitally transform insurance. ONE builds on its previous offerings by applying AI to reach other verticals and embed broker knowledge into the service, according to Ben Jennings, chief revenue officer.

“As an expansion of our mission to make insurance radically simple, ONE by Embroker allows us to focus on what we know is important: the needs of the consumer,” Jennings wrote in an email to Digital Insurance. “In short, the universal application was, from the start, at the heart of Embroker’s product and mission. As we grow our offerings into new verticals, new capabilities will need to be built, added and expanded.”

ONE’s process focuses on critical business information and decreases the number of questions brokers and business owners need to answer to receive policy quotes. The platform uses 14 questions plus data provided by the insureds to generate up to four specific quotes. 

“Leveraging our data science capabilities, we’ve created ONE by Embroker as a universal application that can synthesize and combine products — enhanced with third-party data at scale — to provide a tailored suite of coverage for our customers’ needs,” said Jonas Edgeworth, chief technology officer at Embroker, in a press release. “Essentially, this new technology platform is our growth engine, allowing us to quickly launch new products into the market moving forward.”

The coverages offered through ONE include employment practices liability, tech errors and omissions, fiduciary liability, and directors and officers insurance. The quotes that ONE generates will include all necessary coverage, whether the policies are from Embroker or other underwriters.

With ONE, Embroker will serve both small companies with simpler risks and large corporations with complex risks, according to Jennings. This includes bespoke insurance programs for large and complex commercial risk. “ONE by Embroker is for businesses that are focused on growth, and lack the time and resources to think about the risks of tomorrow,” Jennings wrote. “It’s for businesses of all shapes and sizes that simply want tailored, customized solutions to their risk concerns and insurance needs.”

Embroker targets industries “where traditional insurers have struggled,” such as fintech and cannabis dispensaries, added Jennings. “These verticals are hard to service, but through this technology, we hope to not only improve existing business insurance processes, but build something entirely new.”