Sports platform and insurtech MGA Players Health‘s latest insurance product is set to offer amateur and professional sports teams comprehensive insurance to protect players, coaches, and owners through managing general agents (MGA) or a direct-to-consumer portal.
The new product combines general liability, directors’ and officers’ coverage, and athlete medical coverage, and builds on the growing trend toward embedded insurance.
It includes three types of insurance coverages, entailed 400 forms and has been launched in 41 states across the US.
The offering is backed by the insurance core platform Socotra, which enables insurers with an API-driven path to go live.
“Players Health and other insurtech MGAs can bring complex insurance products to market faster, more affordably, and with greater flexibility for future growth,” said Dan Woods, CEO of Socotra.
Insurance plays a critical role in the life of a sports team, and it may be impossible for a team to play without it. The wide variety of risks a team faces means it must obtain a number of insurance types, including a commercial policy and athlete medical coverage. Getting exactly the right coverages for a team quickly and efficiently is often a challenge.
Chosen as the core system by 27 carriers and insurtech MGAs in the last 18 months, Socotra provides the insurance industry’s most open and appropriate platform for today’s innovators. With Socotra, insurers can launch an insurance product with out-of-the-box capabilities or by integrating through open APIs any custom or third-party technology in the insurance ecosystem.
Players Health was committed to offering their new product through a digital frontend and incorporating rapidly changing rating content, rules, and forms.
They selected BizDynamics, a cloud business unit of ValueMomentum, Inc. and a certified Socotra partner, to deploy their cloud-based rating engine and digital engagement platform, which is integrated with Socotra.
“Players Health is one of the first MGAs to allow brokers to place sports and fitness business through a user-friendly digital portal,” said Tyrre Burks, founder and CEO of Players Health.
“This digital-first approach is only possible with the combination of BizDynamics’ digital engagement platform and Socotra Policy Core, which made it fast and easy to launch our unique sports insurance product. Together, Socotra and BizDynamics have been reliable and trusted partners, and we look forward to expanding Players Health’s reach and scale with them in the future.”
Players Health provides risk management and insurance products to help protect young athletes and give them safe places to play sports.
With over 400,000 amateur sports organisations and 45 million children playing an organised sport in the US, there is a large need for these organisations to step up and put the safety and wellness of athletes first. Players Health works with various sports organisations, such as US Youth Soccer, NFL Flag Football, i9 Sports and USA Cheer.
“Partnering with Socotra and BizDynamics is strongly aligned with our overall strategic direction,” said Sandeep Bajaj, chief information officer of Players Health.
“We’re thrilled to work with Socotra and BizDynamics to deliver an API-enabled technology stack built on a modern cloud-native architecture that will drive speed to market and agility and allow us to focus on product quality and customer experience.”
BizDynamics provided implementation support, as well as the digital engagement platform, which serves as the foundation for Players Health’s broader engagement strategy as an embedded insurance provider. Players Health also partnered with Socotra and BizDynamics to launch a new sports and wellness insurance product in Canada in two months.
Anant Iyer, president of markets and outreach at BizDynamics, comments: “The combination of the BizDynamics digital engagement platform on top of Socotra Policy Core and our rating engine has given Players Health an easy way for agents to sell and service policies and for customers to proactively manage their own risks.
“Together, we were able to deliver these advanced capabilities in an exceptional timeframe. We look forward to helping Players Health further their vision of digital engagement and value-added services, including embedded insurance, for the sports ecosystem.”
Image and article originally from thefintechtimes.com. Read the original article here.