RALEIGH, N.C., Dec. 17, 2020 /PRNewswire/ — Synchrono Group, Inc., doing business under its trademark SynchronoSure®, has entered into a partnership with Sutton Specialty Insurance Company for P&C insurance products geared for the ever growing Gig Economy and Truckers General Liability. SynchronoSure®, through its proprietary underwriting technology, will underwrite and administer the business on behalf of Sutton Specialty in its authorized footprint.
“We believe the time is right to enter the small commercial insurance product space and to partner with Sutton Specialty in the E&S arena. We anticipate that small businesses will grow once again coming out of the current pandemic, and that many new ones will be formed in response to permanent job losses and small business closures related to the pandemic and related economic fall-out. In conjunction with Sutton Specialty, we offer insurance producers the ability to meet new and emerging consumer demand for insurance that provides package insurance coverage for business personal property, liability, professional liability, inventory and limited first party cyber. Our focus is on meeting the needs of small businesses operating in and around the Gig Economy, which may be home based, operate out of small offices as tenants or co-working spaces, or even operate kiosks at the local mall. Moreover, the ability to offer this new product to a broad open market producer base creates for a quick ramp for the product. The product is broader than what is available through a few of the popular home-based business insurers, which tend to have a smaller eligible class plan and a significantly lower limit on the number of employees. Our product is extended up to a maximum of $5 million in revenue and up to 25 employees for roughly 80 class codes, essentially positioning us to handle the needs of home-based businesses through smaller commercial enterprises that do not own the building out of which they operate. Our unique, proprietary tech stack is also being leveraged to very quickly underwrite, quote and bind Trucker General Liability insurance for truck firms with up to 25 power units. The Trucker GL business is a bit of a forgotten line of insurance, often bypassed by the auto liability writers for trucking due to the very low policy premiums. The reality is that trucking firms that occupy any commercial space have GL exposure. Our tech stack enables a very efficient buying process for these end-customers and their agents, enabling account submission, underwriting, quotation, and policy issuance in minutes rather than days,” said Steve Hartman, CEO of SynchronoSure®.
CEO of Sutton Specialty Insurance Company, Shane Haverstick stated, “We believe in the approach and technology being developed and deployed at SynchronoSure®. The combination of a highly experienced underwriting team with a tech forward platform is a clear differentiator, enabling a very efficient customer and producer experience. With their highly scalable proprietary technology, unique modeling capabilities, and expense structure, SynchronoSure® is poised to effectively compete in the small commercial risk premium space that make up most of the Gig Economy, as well as in the Trucker GL product focused on small trucking companies. We are excited about this partnership and putting our capacity and team behind it.”
SynchronoSure® will soon be launching Workers Compensation and Excess /Umbrella Liability product lines and has plans for additional product development focused on Gig Economy and small commercial enterprises, including General Liability and Occupational Accident insurance in 2021. Become a Producer here.
Headquartered in Raleigh NC, SynchronoSure®, is a state of the art InsurTech Managing Underwriter focused on Property & Casualty insurance in the U.S. 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 Sutton Specialty Insurance Company:
Domiciled in Oklahoma and operating out of Dania Beach, Florida, Sutton National Group focuses on Property & Casualty program business, offering admitted capacity through Sutton National Insurance Company and Surplus Lines through Sutton Specialty Insurance Company. The Companies align their interests with their partners through meaningful retention of risk. The Sutton National Group is rated A- (Excellent) by AM Best, Size Category VIII.
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