BNI is an insurtech driven online wholesaler
BNI is an insurtech driven online wholesaler of nonstandard auto insurance. As our name suggests, we bridge online retailers to a network of largely regional insurance markets, carriers and MGAs. BNI uses an algorithm from Insurance Technologies Corporations (“ITC”) to match the prospective insured to the underwriting appetite of the carriers. The underwriter issues a quote, which is transmitted electronically, via ITC, to licensed agents of the online retailer, if they have them, or to BNI agents, if they do not. The agent then presents the quote to the prospective insured.
The BNI licensed agents will be part of Instant Insurance Agency, LLC dba Auto Smart Insurance (“AutoSmart”), which is a subsidiary of BNI. AutoSmart is an agency and call center located in El Paso, Texas. For those situations where the online retailers want boots-on-the-ground, we have a joint venture with Stuckey & Company, a St. Louis MGA/wholesaler, to access their 1,700 agent, national network.
ITC will be embedded on both sides of the transaction, which makes for a seamless execution. The carrier defines their underwriting and pricing in the ITC model, so that it controls the product.
Nonstandard auto has traditionally been sold via brick-and-mortar, individual sale agents. However, consumers, particularly millennials, are demanding online products. The 20-30 carriers and/or MGAs that make up the BNI network have not used online marketing. Likewise, the online retailers have not accessed the regional carrier market. The retailer gets a new product outlet, as the carrier fills market voids and the carrier has a new production source in online insureds. Further, because the electronic nature requires payments by credit card, ACH or other methods, the underwriting is better and the market is more stable for both sides. Thus, it is a win-win. And, the platform can be expanded to other lines of business, in the future.
Online business referral sources can include:
internet retailers with established call centers and licensed agents,
hybrid sources that may or may not be licensed or have call centers, or
pure data lead sources that provide mass leads.
BNI can complement or supplement each source of business.
BNI is now licensed in thirteen states and actively seeking national licensure, as well as contract with fourteen markets.
BNI is presenting a new paradigm in the distribution of nonstandard automobile insurance.
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