With Sutton National Insurance Company bringing their top-rated admitted insurance paper, Koffie can officially embark on its mission to deliver seamless end-to-end insurance to truckers. Boost Insurance, a longtime supporter of Koffie’s vision to reinvent trucking insurance, will serve as program administrator.
Trucking insurance rates are rising near 15% annually and disproportionately impacting small fleets, which pay three times more per mile traveled, relative to large fleets. Koffie, operating as a Managing General Agent (“MGA”), is addressing these mounting operational costs in the $50B trucking market, initially underwriting small fleets utilizing advanced safety technology. Koffie began underwriting in its first two states as of July 1st, 2021 and the new partnership enables Koffie to roll out admitted products in more than 10 states by the end of the year.
Sutton National Insurance Company was recently assigned an AM Best Financial Strength Rating of A- (Excellent) Size Category VIII and expects to have authority in most states by the end of 2021. Their affiliate Sutton Specialty Insurance Company is eligible for surplus lines in 48 states.
Koffie Labs, backed by Anthemis Group and Lerer Hippeau among others, is modernizing the process of underwriting trucking fleets. Using telematics and advanced safety technology, Koffie rewards fleets that invest in safety with discounted insurance premiums. Truckers, used to waiting weeks for quotes, can receive one in minutes on Koffie’s streamlined and fully digital platform. Koffie’s AI-driven predictive models, which underwrite dozens of safety features, allow the company to build insurance products for emerging risks like self-driving vehicles.
“We know the trucking industry is ripe for innovation in insurtech,” said Shane Haverstick, CEO of Sutton National. “Koffie offers competitive rates and an excellent product for fleets that prioritize driver, fleet, and vehicle safety. We’re excited to watch Koffie’s forward-thinking approach to technology shape this challenged market in the months and years to come.”
“Our partnership with Sutton National means we are now writing policies on best-in-class admitted paper for safety-conscious truckers. We’re excited to offer our customers the dependability and financial strength that comes with Sutton’s name and experienced team,” said Ian White, Koffie CEO. “We are excited to unveil an entirely new insurance experience for an industry that has been neglected by insurers for a long time,” stated Mike Dorfman, Koffie COO.