Welcome to the New World of INNOVAS
Mar 26, 2015
Welcome to the New World of INNOVAS
Why are YOU here today?
Increase Sales?
Save time/become more efficient?
Increase your coverage expertise?
Increase Sales
Who makes too much money?
Focus on growth:• “Small Private Firms Can’t Dodge Risk” Best’s
Newswire December 1, 2011• “Small Businesses Launch Amid Wobbly
Economy” USA Today November 30, 2011• “$15B Private D&O Market Largely Untapped”
Advisen Report November 11, 2011
Did you say $15B? As in Billion???
Insurance historically = “replacement” business
$3B is currently in force ($12B to go)• 9,000,000 small businesses
Impediments to addressing the “White Space”• Knowledge – secret to success
• Efficiency – kryptonite to insurance industry
How Can Innovas Increase Sales?
Knowledge/Education/Awareness – Innovas will be building an unrivaled library of articles, claims examples, limits models, etc.
Comfort – brokers sell coverage they know
Efficiency – Innovas saves hours per account so you can focus on sales!!!
Save Time/Become More Efficient
Current Process • Broken and Unprofitable• On average 4.92 person-hours per account• Typically, T+61 days for completion
Innovas Process• Revolutionary• On average less than ten minutes per account• Typically, T+1 day for completion
Current Process
Receive and Review Submission – 1 day/10 minutes Send submission to marketplace – 1 day/10 minutes Follow up with underwriters to get quotes – 5 days/15 minutes Follow up again with underwriters who didn’t respond – 3 days/15 minutes Receive quotes and review coverage items – 1 day/1 hour Renegotiate quotes to remove exclusions, add endorsements, remove subjectivities,
amend premium – 2 days/30 minutes Put together proposal for client – 1 day/1 hour Review proposal with client – 1 day/1 hour Bind coverage, receive binder, review binder – 1 day/20 minutes Send binder to client – 1 day/5 minutes Follow up for policy with underwriter – 30 days/5 minutes Receive policy – 10 days Review policy – 3 days/1 hour Send corrections back to underwriter – 1 day/5 minutes Receive accurate policy by driving over to carrier office and sitting at their desk until
issuance – PRICELESS (sorry couldn’t help it)
Total time – 61 days have elapsed. 4:55 of non-client facing time to procure coverage
Innovas Process
Receive submission from client Enter submission into Innovas system – 5 minutes Compare policies using Intuitive Coverage Evaluator – 15 seconds Receive Quotes from Innovas system – 15 seconds Utilize pre-selected proposal format from Innovas – 15 seconds* Review proposal with client – 1 hour Bind coverage in Innovas system – 45 seconds (includes log-on time) Receive policies – 75-90 seconds Pay online via Premium Finance (Credit Cards and E-Check/EFT/ACH will be
offered in the future)
Total time – however fast you want to go and 7:45 to 8:00 minutes
*in progress – want to build a proposal format based on retail input
Increase Your Coverage Expertise
Lets take a coverage test…….
Exclusions The Insurer shall not be liable to make any payment for Loss, in connection with any Claim made against an Insured:
(1) Conduct arising out of, based upon or attributable to any: (a) remuneration, profit or other advantage to which the Insured was not legally entitled; or (b) deliberate criminal or deliberate fraudulent act by the
Insured; if established by any final, non-appealable adjudication in any action or proceeding other than an action or proceeding initiated by the Insurer to determine coverage under the policy;
Increase Your Coverage Expertise
RPS – EL is dedicated solely to the placement of Executive Liability
We utilize our Project 10k scoring process • Review of every carrier in the marketplace• Over 80 issues reviewed per policy• Manuscript endorsements built with nearly all major
carriers based on our knowledge, expertise, and critical mass
Innovas provides you with the ICE for every account (Intuitive Coverage Evaluator)
Innovas will provide you with a “Top 25” items comparison for every account
Details on Innovas
Lines of coverage• D&O, EPL, Fiduciary, Crime (K&R coming soon)
Underwriting Appetite• Up to $100,000,000 in revenue/sales• Up to 350 employees• Private Companies • Non-Profits will be ready shortly
Innovas Participating Markets
Current Markets• Hiscox (Lloyd’s of London)• ERisk (Scottsdale)• Monitor (W.R. Berkley)
▫ All carriers are admitted in most states
Markets in the queue• Liberty, Beazley, RSUI, AWAC, Hudson, Markel
Future Lines of Coverage
Cyber and Privacy Miscellaneous Professional Liability (E&O) Workers Compensation? General Liability? Business Owners Package? Personal Lines? Surety Bonds? What else do YOU want?
What Does the Future Hold?
Renewal Process – three clicks?
World’s largest repository of claims examples and settlements
World’s largest database on buying behavior such as limit, retention, and premium
In today’s tough economic times it’s important to increase your capacity with
existing resources.