Originally implemented only for key digital lines of business, Ask Kodiak will now support Hiscox’s direct small commercial product appetite and eligibility in the US.
BOSTON, Nov. 12, 2020 (GLOBE NEWSWIRE) — Ask Kodiak, an API platform providing real-time appetite and eligibility for commercial lines insurance companies, managing general agencies (MGAs), wholesalers, and agents, is pleased to announce an expanded partnership with Hiscox USA, a leading small business insurer. Ask Kodiak will enable Hiscox to communicate its direct small commercial product appetite information in real-time to partners.
“Hiscox is one of the truly leading digital carriers that understands the value of offering its distribution partners the most efficient way to access their insurance risk appetite,” said Michael Albert, co-founder of Ask Kodiak. “Ask Kodiak uses the most precise and granular classification code system – NAICS HD – to ensure our carrier partners efficiently classify and underwrite profitable risks.”
Given the complexity of underwriting classes and rapidly changing eligibility rules in the insurance industry, it is challenging for agents and brokers to know the current appetite of any insurance company partner before submitting insurance risks for coverage. In fact, many insurers still update and distribute spreadsheets and PDFs reflecting risk appetite to producers by email or snail mail.
Utilizing the Ask Kodiak platform, insurance companies, like Hiscox, can store, update, and share this vital information with any distribution partner for maximum efficiency and quote-to-bind speed. By communicating the product and appetite information to wholesale partners in real-time, before a quote is requested, agents and underwriters can save time and energy otherwise spent on out-of-appetite risks.
“Ask Kodiak is a great partner, which is why we decided to increase our utilization of their platform to make it the single source of Hiscox USA’s risk appetite, to be used both internally and for our wholesale distribution partners,” said Kevin Kerridge, executive vice president, small commercial at Hiscox USA. “As the leading online insurer of small businesses in the U.S., we understand the value of partnering with best-in-class technology partners to offer our producers and small business customers the finest and most robust solutions.”
About Ask Kodiak
Ask Kodiak helps insurance carriers organize commercial insurance. The API-based technology platform that helps agents make product selections based on appetite and eligibility provided by insurance carriers wherever it’s needed. For more details, visit www.askkodiak.com.
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