Division Leader Eric Pruss talks about the new small business insurance marketplace and how C&F Digital Partners is partnering to shape the digital landscape.
QUESTION: I understand C&F Digital Partners is a newly-formed entity within Crum & Forster. How does C&F Digital Partners fit within the organization?
ANSWER: Crum & Forster has been providing commercial insurance for nearly 200 years. Throughout our history we’ve evolved to keep pace with market changes and is, in part, why our company has been so long-lived. Today, Crum & Forster provides standard, specialty and surplus lines insurance coverage through a distribution network of agents, brokers, wholesalers and MGA’s. We’ve traditionally provided coverage to mid-sized and larger businesses that require custom insurance solutions.
Over the past few years, we’ve witnessed a shift in the business landscape with the expansion of the gig economy. There has been tremendous growth in the number of consultants and entrepreneurs entering the workforce. These organizations range from sole proprietors and freelancers to companies with a handful of employees, many of which are growing rapidly. Alongside this shift in business, there has been growth in new Insuretech companies bringing advanced and more efficient technologies into the insurance process.
In keeping with our history of innovation, we formed C&F Digital Partners to bridge the gap between our commercial insurance coverage and the needs of small business owners. Our goal is to create partnerships with digital innovators and digitally-enable insurance agents and offer coverage in online or mobile environments through a touchless underwriting process.
QUESTION: There are a lot of companies entering the Insuretech space, as you’ve mentioned. What makes C&F Digital Partners unique?
ANSWER: As a small, agile division of a larger company, we bring a unique combination of solid underwriting and actuarial experience with the resources and financial stability to be quick to market with solid products and services. As an example, we were able to be up and running on our C&F Digital Partners Connect rate and quote platform in just 3 months from start to launch. We’ve developed a set of application program interfaces (APIs) to integrate with our partners in as little as 30 days, depending on their system capabilities. Our goal is to have a completely touchless and frictionless underwriting process delivered in real-time to our customers; we are well underway on active integrations with several innovative digital insurance platforms.
QUESTION: So what’s on the horizon for C&F Digital?
ANSWER: There’s a lot more ahead. We’re up and running with a full digital offering that includes a real-time rate, quote and bind platform. We offer open API’s, a rapid onboarding process for our partners, and a streamlined digital insurance experience. Our product road map extends from here and we’re constantly evaluating new opportunities to enhance our products and services to be the “go to” carrier for the growing micro and small business landscape.