RALEIGH, N.C., Dec. 16, 2020 /PRNewswire/ — Synchrono Group, Inc., doing business under its trademark SynchronoSure®, and American European Insurance Group (AEIG) have expanded their previously announced partnership to include coverage for Trucker General Liability insurance for small trucking companies. SynchronoSure®, through its proprietary underwriting technology, will underwrite and administer the business on behalf of AEIG ultimately in 14 States.
“We have worked with the talented staff at American European to expand our program to include a specialized product focused on trucking companies operating up to 25 power units. The General Liability product includes enhanced built-in coverage specifically crafted to meet the needs of trucking companies, including limit options up to $1 million / $2 million / $2 million, and coverage for Automatic Additional Insureds, Increased Limits for Borrowed Equipment Property Damage, and Blanket Waiver of Subrogation. Increasingly, trucking firms are being asked to show proof of General Liability insurance in addition to the normal automobile liability policies. Many insurers of the auto liability don’t actively solicit the GL coverage due to concerns over the relative policy premiums. Trucker GL is typically sold at premiums that major insurers, with high internal cost structures, struggle to offer. Our tech stack enables us to very efficiently underwrite submissions, offer quotes, bind and issue policies, all in a matter of a few minutes rather than the normal response time so common in the insurance industry. Our focus as an insuretech managing underwriter is to efficiently and effectively underwrite and administer small business insurance. We were intentionally built to be digital, which gives us an inherent embedded expense advantage over more traditional underwriting businesses. Coupling a tech forward business strategy with experienced people positions us to offer unique small business insurance to meet the needs of our agency channel,” said Steve Hartman, CEO of SynchronoSure®.
Chairman and CEO of American European Insurance Group, Nachum Stein stated, “We are quite pleased to extend our product footprint to include this coverage, and to provide products and services to our agency partners. The approach that SynchronoSure utilizes is state of the art, and makes it very easy for our agency partners to submit trucking companies for consideration, and enables an extremely fast turn-around time for the quote, binding and policy issuance process. Time is money, and this is especially true for our agency partners who hustle every day to find business opportunities and to provide great service to their customers. We are excited about our partnership with SynchronoSure®.”
SynchronoSure® will soon be launching Workers’ Compensation and Excess /Umbrella Liability product, and has additional products planned for small businesses including General Liability and Occupational Accident in Q1 2021. Become a Producer here.
SynchronoSure®, is a state of the art InsurTech Managing Underwriter focused on Property & Casualty insurance. The company is uniquely positioned to effortlessly provide insurance solutions to meet the needs of Small Business owners and the ever-growing Gig Economy. Its use of data intelligence and highly experienced underwriters allow policies to be seamlessly bound in less than 5 minutes. Follow us on the web at synchronosure.com and on LinkedIn.
About American European Insurance Group:
American European Group was formed in 1986 by a small group of investors to meet the insurance needs of residential and commercial policyholders in the states of New Jersey and New York. Over the past decade, AE has expanded into Pennsylvania, Maryland, Massachusetts, New Hampshire, Rhode Island Nevada and Arizona and now annually writes approximately 25,000 policies and $60 million in written premium through a network of 300 independent agents.