ISU Insurance Agency Network (ISU IAN) announces the launch of the proprietary ISU Quote&Bind Platform. The platform is the result of a collaboration between ISU Digital Partnerships, ISU preferred carriers, and CoverForce, an InsurTech API platform facilitating the insurance distribution process, to maximize the ease of doing business. The ISU Quote&Bind Platform works directly with ISU preferred carriers' APIs to simplify and streamline the production workflow, allowing ISU Members to access multiple quotes at once and bind policies in one click. The exclusive member benefit aims to reduce the cost of doing business for ISU preferred carriers, ISU members, and the members' prospects and clients through increased efficiency, speed, and transparency.
"The partnership between ISU and CoverForce is opening the door to the future of the insurance industry," says CEO TJ Ryan III. "Providing this cutting-edge technology to our members to increase the ease of doing business shows our investment and commitment to the independent insurance agent. ISU Quote&Bind eliminates the headaches of regional insurance coverage capacity, new market development, and at least half of the cost associated with producer management when used as business-to-consumer direct sales platform, which facilitates a national reach in the chosen vertical market."
ISU preferred carriers presently binding commercial policies from all 420 ISU IAN Members locations include AmTrust, Chubb, CNA, Employers, Great American, Liberty Mutual, Nationwide and Travelers. ISU plans to add more preferred carriers and expand lines of business on the platform throughout 2023 and 2024. ISU is the first organization in the country to quote and bind Great American's business owner's policy digitally. Members will also be the first group to access the latest digital products from the leading commercial carriers in America.
"We are excited to partner with ISU IAN to enable ISU members to digitally connect with their preferred carriers to maximize placement profitability and expand their books of business," says CoverForce CEO Cyrus Karai. "This partnership embodies our mission to strengthen the independent agent with digital capabilities."
Every ISU Member Coast to Coast™ is now taking advantage of the ISU Quote&Bind platform's convenience and speed to access preferred carriers and products, assure data security, usage control, and preferred compensation and coverage terms. In addition to quick and accurate access to bindable products, the ISU Quote&Bind platform incorporates the ISU Commercial Lines Placement Advisor©, a proprietary system delivering the most up to date carrier appetite guide on the market driven by industry classification, state, and line of business.
About ISU Insurance Agency Network
Founded in 1978, the mission of the ISU Insurance Agency Network (ISU IAN) is to help the independent insurance agent thrive. ISU is the largest independently owned and operated independent insurance agency network representing approximately $8 billion in written P&C premiums across 240+ members in 41 states. All ISU Members receive the best-in-class insurance solutions while leveraging the business benefits that come with being part of a large national organization to complement their local presence and independence. Visit www.joinisu.com for more information.
About CoverForce
CoverForce is the first core insurtech API platform working to bridge the gap between insurance distributors and their preferred P&C carrier partners. CoverForce was founded in 2020 at the University of Pennsylvania's Innovation Lab, in conjunction with insurance industry veterans from Travelers and The Hartford, and experienced software engineers from Amazon and Google. Investors include NYCA Partners (www.nyca.com), and QED Investors (www.qedinvestors.com). For more information, visit www.coverforce.com.