BriteCo launches agent program

Jewelry insurance company BriteCo, even as an insurtech, is launching an agent program promoting a human touch in its direct-to-consumer sales of coverage. 

“We believe the agent channel is still extremely valuable,” said Dustin Lemick, founder and CEO of BriteCo. “Agents provide a lot of value to the end user and policyholders. We felt like there was a real opportunity for us.”

BriteCo’s agent program adds to the insurtech’s other two distribution channels: working with jewelers at the point of sale, and also a direct-to-consumer channel on its website. The new program, which has 20 to 30 agents in its beta version leading up to its full launch today [Feb. 15], allows agents to sell coverage using BriteCo’s website channel. 

The new agent program operates using technology separate from the other channels, according to Lemick. BriteCo built separate portals, dashboards and processes. “There’s different needs than we offer in the jeweler channel or the direct channel,” he said. “Also there’s a back-end process of compliance, licensing and onboarding. We had to build a unique suite of technology tools for the agent.”

Adding the third distribution channel responds to current conditions in the insurance market, according to Lemick. “Insurance prices are going through the roof in all of your traditional homeowners and auto policies,” he said. “A lot of agencies, agents and brokers are re-shopping for their customers and their policyholders. We’re another piece of ammunition for them.”

Jewelry and valuables insurtechs encourage insureds to cover these items separately from homeowners policies. “Brokers and customers are starting to become well educated, that you don’t want to tie anything together,” said Lemick. “If you tie your jewelry into your homeowners, and you have a lot of jewelry loss against your homeowners insurance, your homeowners rates rise or you will be dropped. One of our big value propositions when we talk to brokers and agents is that we offer a better product for less money, and you don’t have to tie it into the homeowners.”

BriteCo launched its business in 2019 solely through points of sale at jewelry retailers. As founder, Lemick had 13 years of experience in jewelry retailing and more than 10 years of experience working on jewelry claims with carriers including State Farm, Allstate, Chubb and Farmers.