Cyber risk knows no boundaries and we’ve observed an escalation of attacks on a global scale. This has resulted in a perfect storm for the cyber insurance industry between widespread technology risk, increased regulations, increased criminal activity, and carriers pulling back coverage. Coalition’s mission to solve cyber risk is driven by our ability to distribute our products through every geographical region and channel. That is why we launched our cyber offering in Canada
in 2020 and were the first cyber insurance provider to offer APIs for distribution in the US market.
In Canada, we are beginning to see cyber and privacy liability capacity constraints as losses have increased and carriers are beginning to increase their underwriting scrutiny. Despite changing market conditions, Coalition remains an industry leader, with lower claims frequency and loss ratio when compared to other carriers. With that, I am thrilled to announce that we are extending our Coalition API
offering to our Canadian Digital Brokers, & Distributors to offer Coalition cyber insurance their own way.
Investment trends in digital distribution
According to CB Insights,
insurtechs have raised $7.4 billion in H1 2021 — surpassing the $7.1 billion raised for all of 2020. Insurtechs focused on distribution accounted for nearly 55% of all deal activity, proving efficiency in insurance distribution continues to be a major priority for investors.
Why is this important for brokers?
Brokers are a critical part of the insurance distribution model. They have strong relationships and expertise that both carriers and policyholders benefit from. These relationships help carriers extend their product offerings to businesses and their expertise helps policyholders determine the best coverage necessary to protect their business. Brokers want to focus their time on closing more business and the insurance industry has not made it easy or efficient to do so.
In a recent study done by Relay platform
, they found that:
89% of brokers believe that today’s processes for quote-bind-issue are generally too manual and too slow
86% feel that they do not currently have the right Quote-Bind-Issue technology in place to manage as much business as they can, and increase their renewal success rates.
94% of brokers believe that faster quotes would allow them to close more business
The power of Coalition APIs
Coalition RESTful APIs were built with speed and scale in mind. Our API response time is less than 2 seconds when creating a quote and less than 10 seconds to get active bindable quote.
With the adoption and growth of digital distribution technology in insurance industry and the power of Coalition APIs, brokers can use their platform of choice to get premium indications, generate multiple quote options, use e-signature bind functionality, and many other Coalition API supported features that can ultimately help close more business.
Coalition has been successful at enabling multiple use cases using our APIs. SaaS providers, rating platforms, and in-house digital brokerage all benefit from our easy-to-use API.
"Coalition’s APIs integrate seamlessly with Relay to further transform the broker-carrier ecosystem and provide instant quotes so brokers can close the business they were previously turning away. With the clean documentation included, the API integration with the Coalition system was fast and easy. The API go-live process was smooth, structured, and well-rehearsed. Also, the Coalition integration team is always responsive and easy to approach when questions and issues come up." - Edmund Lo, Head of Product & Engineering
Build the experience your brokers need with Coalition APIs
Our API makes it easy for developers to build seamless broker or customer facing experiences. If you are interested in integrating with Coalition, contact our partnership team
and we will be in touch.