First Connect and Root Launch Streamlined Quote & Bind Process for Independent Insurance Agents
First Connect Insurance Services has partnered with Root Insurance, a subsidiary of Root, Inc. (NASDAQ: ROOT), to offer API-powered quote and bind capabilities to independent insurance agents. The collaboration introduces a streamlined process for accessing Root's standard and preferred auto insurance in California, with plans to expand to 25 additional states by October's end.
The new interface simplifies policy creation by automatically pulling driver and vehicle data, considering state minimums and previous coverages. Agents can work across devices without re-entering credentials. This partnership aims to enhance First Connect's platform, which provides independent agents access to over 100 carriers and MGAs across various insurance lines.
First Connect Insurance Services ha collaborato con Root Insurance, una sussidiaria di Root, Inc. (NASDAQ: ROOT), per offrire funzionalità di preventivo e conclusione basate su API agli agenti assicurativi indipendenti. Questa collaborazione introduce un processo semplificato per accedere all'assicurazione auto standard e preferita di Root in California, con piani di espansione in 25 stati aggiuntivi entro la fine di ottobre.
La nuova interfaccia semplifica la creazione delle polizze estraendo automaticamente i dati del conducente e del veicolo, tenendo conto dei minimi statali e delle coperture precedenti. Gli agenti possono lavorare su diversi dispositivi senza dover reinserire le credenziali. Questa partnership mira a migliorare la piattaforma di First Connect, che offre agli agenti indipendenti l'accesso a oltre 100 compagnie e MGA in vari settori assicurativi.
First Connect Insurance Services se ha asociado con Root Insurance, una subsidiaria de Root, Inc. (NASDAQ: ROOT), para ofrecer capacidades de cotización y suscripción impulsadas por API a agentes de seguros independientes. La colaboración introduce un proceso simplificado para acceder al seguro auto estándar y preferido de Root en California, con planes de expandirse a 25 estados adicionales a finales de octubre.
La nueva interfaz simplifica la creación de pólizas al extraer automáticamente los datos de conductores y vehículos, considerando los mínimos estatales y las coberturas anteriores. Los agentes pueden trabajar en diferentes dispositivos sin tener que reingresar sus credenciales. Esta asociación tiene como objetivo mejorar la plataforma de First Connect, que proporciona a los agentes independientes acceso a más de 100 compañías y MGA en varias líneas de seguros.
퍼스트 커넥트 보험 서비스가 Root Insurance와 파트너십을 체결했습니다. Root Insurance는 Root, Inc. (NASDAQ: ROOT)의 자회사입니다. 이 파트너십을 통해 독립 보험 대리인에게 API 기반의 견적 및 보험 계약 기능을 제공합니다. 이 협업은 캘리포니아에서 Root의 표준 및 선호 자동차 보험에 접근하는 간소화된 프로세스를 도입하며, 10월 말까지 25개 추가 주로 확장할 계획입니다.
새로운 인터페이스는 운전사 및 차량 데이터를 자동으로 추출하여 정책 생성 과정을 간소화하며, 주 차원에서의 최소 요구 사항과 이전 보장을 고려합니다. 대리인은 자격 증명을 다시 입력하지 않고도 다양한 장치에서 작업할 수 있습니다. 이 파트너십의 목표는 퍼스트 커넥트의 플랫폼을 개선하는 것으로, 독립 대리인에게 100개 이상의 보험사 및 MGA에 대한 접근을 제공합니다.
First Connect Insurance Services s'est associé à Root Insurance, une filiale de Root, Inc. (NASDAQ: ROOT), pour offrir des capacités de devis et de souscription alimentées par API aux agents d'assurance indépendants. Cette collaboration introduit un processus simplifié pour accéder à l'assurance automobile standard et préférée de Root en Californie, avec des plans d'expansion dans 25 États supplémentaires d'ici la fin octobre.
La nouvelle interface simplifie la création de polices en extrayant automatiquement les données des conducteurs et des véhicules, en tenant compte des minimums requis par l'État et des couvertures précédentes. Les agents peuvent travailler sur différents appareils sans avoir à réintroduire leurs identifiants. Ce partenariat vise à améliorer la plateforme de First Connect, qui donne aux agents indépendants accès à plus de 100 assureurs et MGA dans divers secteurs d'assurance.
First Connect Insurance Services hat sich mit Root Insurance, einer Tochtergesellschaft von Root, Inc. (NASDAQ: ROOT), zusammengetan, um unabhängigen Versicherungsmaklern API-gestützte Angebote und Bindefunktionen anzubieten. Die Zusammenarbeit führt zu einem vereinfachten Prozess zum Zugriff auf Roots Standard- und bevorzugte Kfz-Versicherungen in Kalifornien, mit Plänen zur Expansion in 25 weitere Bundesstaaten bis Ende Oktober.
Die neue Schnittstelle vereinfacht die Erstellung von Policen, indem sie automatisch Fahrer- und Fahrzeugdaten abruft und dabei die staatlichen Mindestanforderungen und vorherige Deckungen berücksichtigt. Makler können geräteübergreifend arbeiten, ohne ihre Anmeldedaten erneut eingeben zu müssen. Diese Partnerschaft zielt darauf ab, die Plattform von First Connect zu verbessern, die unabhängigen Maklern den Zugang zu über 100 Versicherungsgesellschaften und MGAs in verschiedenen Versicherungsbereichen bietet.
- Partnership with Root Insurance expands First Connect's offering to independent agents
- Streamlined quote and bind process enhances efficiency for agents
- Planned expansion to 25 additional states by end of October
- API-powered capabilities simplify policy creation and data handling
- None.
Insights
This partnership between First Connect and Root Insurance marks a significant step in streamlining the insurance quoting process for independent agents. The API-powered quote and bind capabilities represent a technological leap, potentially reducing the time and effort required for agents to provide quotes to clients. This could lead to increased efficiency and potentially higher conversion rates.
The planned expansion to 25 additional states by October indicates aggressive growth strategies for both companies. For Root, this partnership aligns with their goal of diversifying distribution channels, which could help mitigate risks associated with their direct-to-consumer model. For First Connect, adding a tech-forward insurer like Root enhances their value proposition to independent agents.
However, it's worth noting that while this streamlined process may benefit agents, it's important to monitor how it impacts underwriting accuracy and risk assessment. The success of this venture will largely depend on the quality of data integration and the sophistication of Root's underwriting algorithms.
For Root Inc. (NASDAQ: ROOT), this partnership could be a strategic move to boost growth and improve financial performance. By tapping into First Connect's network of independent agents, Root gains access to a new customer acquisition channel, potentially increasing its premium volume and market share.
However, investors should note that expanding into the independent agent channel may impact Root's expense ratio, as commissions typically increase costs compared to direct-to-consumer models. The key will be whether the increased volume and potential improvements in loss ratios offset these higher acquisition costs.
For First Connect, while not publicly traded, this partnership enhances its competitive position in the insurtech space. By offering streamlined access to a tech-forward insurer like Root, First Connect could attract more independent agents to its platform, potentially driving revenue growth through increased transaction volumes.
The new interface streamlines access to Root's standard and preferred auto insurance for agents in
"First Connect is committed to providing independent agents with access to leading insurance products and the technology they need to succeed in all markets," said President Aviad Pinkovezky. "Adding a leading insurtech like Root, renowned for delivering a simple insurance purchasing process, is a natural fit for our platform and a win for the agents we support."
After an agent enters basic customer details, the new streamlined process pulls data on drivers and vehicles and, after considering state minimums and previous customer coverages, offers a policy type and deductible. Once logged on to First Connect, agents can work across all their devices without being required to enter additional carrier credentials.
"The independent agent channel presents a unique opportunity to reach more drivers," said Jason Shapiro, Senior Vice President of Business Development at Root. "First Connect's technological prowess and productive independent agent community make them a natural partner for building a seamless and secure interface and further diversifying our distribution strategy."
First Connect is an agent-centric platform that levels the playing field for independent agents by providing access to technology and over 100 carriers and MGAs across home, auto, cyber, small business, life, and specialty lines. The two companies plan to roll out the new streamlined quote and bind process to independent agents in additional states in the coming months.
To learn more about how First Connect provides independent agencies with access to the leading carriers or to sign up, visit firstconnectinsurance.com.
About First Connect
First Connect Insurance Services is a digital platform designed to level the playing field for independent agents by providing access to over 100 carriers and MGAs across home, auto, cyber, small business, life, and specialty lines. First Connect is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, visit https://www.firstconnectinsurance.com/
About Root, Inc.
Founded in 2015 and based in
Contacts
For First Connect
Mark Olson
press@hippo.com
For Root
press@joinroot.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements relate to, among other things, expectations about our future business results. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. We have based our forward-looking statements on our current expectations, estimates and projections about our industry and our company. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we have included in our SEC filings, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. Copies of Root's Form 10-K and other SEC filings are available on the SEC's website, Root's website at https://ir.joinroot.com/investor-relations or by contacting Root's Investor Relations office. Copies of Hippo's Form 10-K and other SEC filings are available on the SEC website, Hippo's website at investors.hippo.com, or by contacting Hippo's Investor Relations.
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SOURCE Hippo Analytics, Inc
FAQ
What is the new partnership between First Connect and Root Insurance?
How does the new streamlined process benefit insurance agents using First Connect?
When will ROOT's auto insurance be available through First Connect in additional states?
What types of insurance does First Connect provide access to for independent agents?
