Even though Bullfrog Insurance just arrived on the scene earlier this year, it has already launched with such reputable names as
Aviva Canada, the Guarantee Company and
Northbridge Insurance. Now the licensed brokerage can add an MGA to the list:
South Western Group.
The specialty underwriters decided to collaborate with Bullfrog because of its innovative business model that has made it, it claims, the only provider of small business and commercial coverage entirely online in Canada.
“Most business owners and professionals just don’t have time to meet during work hours, and as a result a lot of online transactions are made between 8 and 10 o’clock at night,” said Michael McDermott, director of underwriting, South Western Group.
South Western believes that this flexibility aligns well with its role as a niche writer, since Bullfrog’s online platform expands offerings to clients who wouldn’t receive service otherwise.
“We’ve seen a number of successes that don’t fit the traditional rating matrix, but we’ve been able to work with Bullfrog on accounts that are outside the box,” McDermott said.
Bullfrog also benefits from South Western, which expands the brokerage’s reach through the underwriter’s backers.
“South Western Group brought Lloyd’s to the table. Lloyd’s are keen on this partnership because they’re a global player in markets worldwide, and they’re learning that this is a fantastic way to access the self-serve demographic,” said Bullfrog CEO and president Sam Natur.
While the partnership may be somewhat experimental in nature, South Western feels it necessary to adapt to an increasingly digital world in order to maintain survival.
“We’re certainly going to make mistakes along the way,” said Natur, “but at least this way we remain ahead of the competition.”
