Launched in late 2020, Pathpoint offers retail agents P&C and professional lines products from 10 top-rated carriers through the company’s online platform. Pathpoint combines world-class technology with the service capabilities of a full-service brokerage, a first for the E&S industry.
Pathpoint’s technology improves the value and efficiency of the insurance distribution chain – from quote to issuance, and at every stage in between – and also reduces the cost of doing business by charging carriers lower commissions than traditional wholesale distributors. With one submission, agents can find out instantly which carriers can quote the risk and bind those quotes online. Compliance and account servicing is handled at every step of the placement, binding, and renewal process.
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“More and more business has been conducted through the E&S market in recent years, yet it’s one of the key segments of commercial insurance that has not been effectively digitized in any meaningful way,” said Alex Bargmann, Co-Founder and CEO of Pathpoint. “Carriers and agents are desperate for a better way to conduct business. Pathpoint gives retail agents what they’ve long deserved: a fast and transparent way to access, bind, and service E&S products online. I feel privileged that we have the capital and carrier support to bring digital distribution to this market.”
Proceeds from the funding will be used to further invest in software engineering and R&D and invest in growing and scaling distribution.
Non-admitted coverage is typically procured through the use of wholesale brokers who access the E&S, or Excess and Surplus Lines, marketplace. E&S risks cannot be placed in the conventional markets due to a shortage of capacity or the complexity of the risk.
Source: PR Newswire
