US wholesale broker London Underwriters has launched a new insurtech program called Bunch Insurance in Texas that allows agents to combine a customer’s policies written by Lloyd’s in one place.
London Underwriters said that Bunch’s biggest selling points are advanced customisation that allows insurance agents to quote and bind online, choose between direct bill or agency bill, and access a single platform where they can group a customer’s commercial policies in one place.
Bunch allows agents to quote and bind directly online on a proprietary Lloyd’s program. Its initial product offering includes commercial property and wind, and commercial property excluding wind, and terrorism coverage.
The minimum premium is $250 while the maximum total insured value available is $2mn per account. Co-insurance of 70 percent to 100 percent is available.
The program is in beta launch, and being offered to independent agents in Texas. London Underwriters hopes to expand its availability to all 47 states in which it is licensed within the next few months.
It is also planning to add workers compensation, cyber, equipment breakdown and flood.
Aventura, Florida-based London Underwriters also has other programs backed by Hiscox Now, Next Insurance, Attune, Neptune and Hippo.