Counterpart Brings Management & Professional Liability Insurance to the 21st Century with the launch of Quote & Bind API

Easy-to-integrate API simplifies the application process, speeds up insurance purchase flow and creates more transparency for their small business customers.

Counterpart, the AI-driven insurtech that offers management and professional liability insurance for small businesses, has launched its latest API for its key broker partners. The new API offers quote-to-bind services for Miscellaneous Professional Liability, Directors & Officers, Employment Practices, Fiduciary, and Crime insurance products.

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“We are trying to drive the small business insurance market forward through APIs, which are table stakes in most other industries, but have yet to be embraced by many insurance companies.”

Counterpart’s API is a timely tool for brokers whose small business clients would otherwise be dependent on the slow and outdated underwriting systems of traditional insurance carriers. Counterpart offers faster and more tailored management and professional liability insurance – specialty lines products that can otherwise take days and even weeks to quote – by leveraging robust data and cutting edge tech, with an industry leading underwriting system driven by AI and analytics.

“We are committed to helping small businesses manage some of the most challenging risks, and our API makes it easier and faster for their trusted brokers to provide them with the best quotes possible.” said Tanner Hackett, CEO of Counterpart.

“The traditional insurance carrier quoting process doesn’t cut it for small businesses who need a competitive quote so they can get back to running their companies,” Hackett added. “We are trying to drive the small business insurance market forward through APIs, which are table stakes in most other industries, but have yet to be embraced by many insurance companies.”

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Some of the most prominent national brokerages – including Brown & Riding, Bridge Specialty, and Jencap – can provide their brokers with access to Counterpart’s Quote & Bind API. Their teams and retail agent partners can take advantage of the streamlined workflows, made available through a single portal that is customized with the branding of each wholesale brokerage.

“Brown & Riding is excited to see Counterpart’s progress in pushing for new distribution methods alongside our API solution partner as they continue to simplify how brokerages can access management and professional liability products” shared Paul Nowak, EVP at Brown & Riding.

Counterpart enjoyed record growth in 2022 with one of the industry’s best loss ratios through continued support of its trusted broker partners and further enhancements to its proprietary underwriting platform. Counterpart’s API, which only wholesale brokers can access through direct integration, is also available through some of our preferred software partners, including MShift, Relay and Herald. Counterpart raised $30 million in a Series B financing round in March 2022, bringing the company’s total financing to $40 million, and establishing it as one of the most innovative and fastest growing insurtechs.

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