The new portal provides instant access to markets with no fees, long-term contracts, or quotas
Insurance Bee, a Massachusetts-based online insurance platform for the small business insurance broker has partnered with Hiscox to launched a new portal for the independent insurance agent. Dubbed ‘Insurance Bee for Agents’, the program offers the ability to quote and bind general liability, professional liability and business owner’s policies in minutes. The program currently covers more than 180 professions, including start-ups and high-risk industries.
“Independent agents have long struggled to grow their business via direct appointments with top-rated insurance carriers, who want to tie them into long-term contracts and production quotas, at a high cost to the agent,” explains Insurance Bee Iain Hatfield, President of Insurance Bee. “Recognizing this, InsuranceBee has developed a solution with Hiscox to offer a wholesaler program that provides instant access to an A-rated insurance company, at no cost to the agent.”
“Agents have been transacting through our portal partners for a decade,” added Meghan Mueller, Assistant Vice President, Partnership Strategy Execution at Hiscox USA. “Hiscox has enjoyed a long-standing successful direct-to-customer integration with InsuranceBee, and we look forward to expanding our partnership with them in this new wholesale structure.”
“No fees, no long-term contracts, or sales quotas to meet”
A couple of the most attractive features for the independent insurance agent considering whether or not to use this portal is the lack of fees, long-term contracts, nor sales quotas that are required under a normal carrier appointment. Second, according to the company, any policy placed through the Insurance Bee platform offers the independent agent competitive commission rates that are earned during the “lifetime of the policy.”
Other benefits outlined by the company include the following:
- Fast sign-up
- Quote and bind for general liability, professional liability and business owner’s policies online
- Instant coverage for 180+ professions, including start-ups and high-risk industries
- Policy documents sent the same day
- Competitive premiums
- No fees, no long-term contracts, or sales quotas to meet
- No post bind effort – all servicing and billing managed by Hiscox, including automatic renewals
- Training and support provided by InsuranceBee and Hiscox, with access to webinars and Q&A sessions with underwriters
- An intuitive interface which allows agents to save, retrieve and manage existing policies with ease
In what might be another attractive feature for agents, Insurance Bee also is offering a new affiliate program. The program allows agents to earn referral fees for every quote, regardless of the number of referrals made an agent makes.
More about Maynard-based InsuranceBee
Founded in 2010, InsuranceBee was formed with the sole purpose of making liability insurance painless for small business owners.
After asking insurance agents about their pain points, InsuranceBee developed this new partner program with Hiscox with the goal of helping them to grow their business quickly and painlessly. This partnership will allow agents to access new markets all via an easy-to-use online portal without having to commit to quotas or long contracts.