US insurtech Broker Buddha launches new quoting platform for commercial insurers
Insurtech startup Broker Buddha has launched a new quoting platform for carriers, wholesalers and managing general agents (MGAs), in partnership with Dallas-based commercial insurance wholesaler Towerstone.
The new platform is designed to replace email communications with an online portal to help underwriters manage, track and prioritise submissions, as well as issue quotes and chat with independent agents about individual submissions in real time.
Towerstone specialises in energy, construction, environmental, property and excess casualty. Through the partnership, independent agencies who work with Towerstone will have free access to Broker Buddha's platform.
New York City-based Broker Buddha was founded in 2017 with the aim to transform the archaic process of buying and renewing commercial insurance into a fast and easy, customer-friendly online experience. Broker Buddha also announced that it has recently been accepted into the Plug and Play accelerator programme, and has partnered with brokerage firms like AssuredPartners.
"Our partnership with Towerstone is the first step towards simplifying the entire commercial insurance process, from submission to underwriting to quoting," said Broker Buddha co-founder and CEO Jason Keck. "Like independent agents – wholesalers, MGAs and carriers are key players in the value chain who have historically lagged behind in adopting new technologies. With Towerstone Inc. joining another major commercial carrier on to the platform, we can accelerate the time from client submission to bound policy for thousands of agents and their clients."
George Schneller, executive vice president at Towerstone, commented: "We're excited about working with Broker Buddha to better connect with our network of agencies and simplify our operations. The ability to get completed applications on the first submission and get instant reporting on our win ratios will be a huge value for the company."
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