Pathpoint has announced the expansion of its Commercial Property offering. The expansion centres around the addition of Vave’s commercial property product to Pathpoint.
Pathpoint enables insurance agents to obtain bindable small commercial E&S quotes. The insurtech combines proprietary technology and first-class service to connect insurance agents with access to quotes from multiple, A-rated carriers in the Contractors, Vacants, Lessor’s Risk, Monoline Property, Restaurants, and Cyber verticals. Pathpoint is also licensed in all 50 states and a coverholder at Lloyd’s of London.
Vave, meanwhile, is an MGA and Lloyd’s Coverholder that underwrites Surplus Lines US Property using a purely algorithmic approach, combining science, data, and precision underwriting to insure high-volume risk.
The partnership unlocks:
- Wider appetite across catastrophe and non-catastrophe areas;
- Increased opportunities for agents to quote across Package submissions.
These attributes enable agents to place more commercial property more efficiently.
Pathpoint has doubled its Total Insured Value
Adding Vave to Pathpoint’s carrier roster expands agents’ opportunity to auto quote submissions across hundreds of class codes, including all-new occupancies like hotels and distributors, in Pathpoint’s Monoline Property and Lessors’ Risk Only verticals. With the addition of Vave, Pathpoint has doubled its Total Insured Value (TIV) limit from $2.5 million to $5 million ($3 million on a per-location basis).
Pathpoint’s Commercial Property expansion directly addresses the market’s need for catastrophe capacity. Through Vave, Pathpoint now offers expanded wind coverage in coastal states (including Texas and Louisiana), earthquake coverage, and named storm coverage.
“We’re excited to bring much-needed Commercial Property capacity to Pathpoint’s extensive network of insurance agents,” said Jamie Martin, Underwriting Director at Vave. “Our algorithmic underwriting model provides instant quotes informed by vast datasets, streamlining and simplifying access for Pathpoint users to the non-admitted commercial property market.”
According to reports, agents have more opportunities to efficiently secure coverage for their clients. If an LRO Package submission declines, agents can now resubmit the application (without entering information again) to standalone quote the submission across LRO Property and LRO General Liability. Agents can then present the individual quotes to clients and bind either (or both) of the coverage options.
“We’ve been hearing from agents for months that they have an urgent need for additional Commercial Property options, particularly in catastrophe zones but around the country, and we’re excited to better help meet this need starting today,” said Alex Bargmann, Pathpoint’s CEO. “With an ever-evolving, and hardening market, agents require breadth and depth of coverage as well as flexible quoting options to meet their clients’ needs. Pathpoint is the easiest, fastest way to place this coverage.”
Source: Pathpoint
