Embroker has announced a strategic partnership with Millennial Shift Technologies (MShift), a policy distribution platform for insurance brokers. This partnership introduces an automated Excess Technology Errors and Omissions (Tech E&O) / Cyber solution via Embroker Access.
Excess Technology Errors and Omissions (Tech E&O) insurance provides additional coverage beyond the limits of a primary Tech E&O policy. It protects companies from claims arising due to errors, omissions, or negligence in their technology services or products. This type of insurance is particularly relevant for tech companies and IT service providers. It offers protection against potential financial losses from lawsuits related to their professional services or products.
The new API integration enables MShift brokers to quote, bind, and issue Excess Tech E&O / Cyber insurance directly within the MShift dashboard. The API provides access to Excess Tech E&O / Cyber limits up to $5,000,000. This includes overhanging limits and true follow-form coverage that matches the sub-limits of the primary layer.
Embroker Access, the distribution division of Embroker, offers proprietary insurance products for niche markets, including Lawyers Professional Liability, primary Tech E&O / Cyber, Excess Tech E&O / Cyber, and management liability for VC-funded companies. This API tool allows Embroker Access to provide distribution partners and multi-carrier platform providers with the capability to generate Excess Tech E&O / Cyber quotes quickly.
Ben Jennings, CEO of Embroker, stated, “This partnership with MShift introduces a new model for Excess Tech E&O / Cyber insurance distribution. Our goal is to enhance our API capabilities and make our products available across more distribution channels.”
Key benefits of the partnership include:
- Capturing primary quote data via the MShift platform to deliver accurate Excess Tech E&O / Cyber quotes.
- The ability to quote, bind, and issue policies within the platform.
- Coverage that aligns with primary policies, including automatic matching sub-limits.
Mark Meury, Founder and CEO of MShift, said, “Partnering with Embroker expands the utility of the MShift platform for brokers, providing efficient placement and program development without leaving the platform.”
This partnership aims to improve efficiency and reduce the time and effort required for brokers to meet clients’ insurance needs.
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