I was getting ready to dive into part two of Can You Keep A Secret a Look at California’s Privacy Protection Act and then pushed on the breaks. Several great things happened this week which was capped off by a day of celebration for the Mom’s in our life. So in the spirit of Mother’s day I thought it would be appropriate to share some wins with you. Much like when I was a kid and I did something that made my mom proud I was eager to let her know. I have the same child like excitement today. Next week we will get back into CCPA and technical stuff so let's celebrate today!
The first big win comes with our PolicySpot roll out. We have successfully integrated all of our our microservices to deliver a next generation insurance experience. insBio brings the insurance data in via Submission One to the Market Ninja. Through market intelligence RaterSpot creates the the formal quote which then uses quickPFA to add the pay plan. All the insurance sale and quote workflow is then assembled for E-Signature with PDFDoc and payment is made with insPay. Finally the policy and certificates are issued and accessed through PolicySpot online and on our mobile app. The first client for this just happened to be another insurTech called Maxxsure. They help enterprises and insurance companies evaluate and assess their cyber security exposure with a proprietary technology and methodology called M-Score.
The next big win was organizational success story. We issued one of the largest policies in BindDesk history this week. Mountain West was instrumental in making this happen by providing a payment plan that allowed the insured to obtain a policy that had a significant rate increase due to the class of business and the hardening of the property and casualty marketplace. 16 years ago I wrote about Premium Financings Place in the Hard Market. I believe we are on the swing for certain lines insurances where we are finally going to see rates increase. If you haven't already noticed the market is tightening up on Homeowners and Auto insurance but softening up on typically harder to place commercial insurance.
We are also glad to announce that our Contractors Wallet mobile app is getting showcased next month. This is going to combine all of the PolicySpot services as well as integrate new third party functionality to benefit the construction industry. The app currently lets construction firms administer and purchase insurance policies by accessing all of their documents, issue certificates, request changes, and report claims. We are Alpha testing with several of our partners new features including employee verification, background checks, property risk hazard reporting, real time self-inspections, safety training, and much more.
Thank you for your continued support and feedback to those that have participated in building insurEco System. We will continue to innovate and deliver the future of insurance. Next week I will dive back into Data Privacy but I wanted to take a moment to celebrate milestones and amazing people. This goes out to the amazing Mom’s in my life!
