HIB Marketplace is a digital insurance wholesaler that provides brokers with quick quotes for various insurance products. Their platform offers real-time assistance, streamlining the process of finding and securing coverage for clients.
Funding
Funding not disclosed
Founders
Product
Problem
Retail insurance brokers often face challenges in efficiently obtaining quotes and securing coverage for specialty and surplus lines products, particularly for small and medium-sized business (SMB) risks. The traditional process can be time-consuming, requiring brokers to navigate multiple carriers and manage complex paperwork. This can lead to delays and increased operational costs.
Solution
HIB Marketplace is a digital insurance wholesaler that streamlines the quote-to-bind process for retail brokers, specializing in cyber, specialty, and E&S products within the SMB market. The platform provides rapid quotes, coverage recommendations, and real-time broker assistance, enabling brokers to quickly find and secure appropriate coverage for their clients. By offering a centralized digital portal with access to a curated range of coverage options from top-rated carriers, HIB Marketplace simplifies workflows and reduces the time required to place specialty and surplus line coverage. The platform also offers instant invoicing and handles surplus lines filings, further easing the administrative burden on brokers.
Target Audience
HIB Marketplace primarily serves retail insurance brokers who need efficient access to specialty and surplus lines insurance products for their small and medium-sized business clients.
Features
- Digital quoting portal providing access to multiple carriers for specialty and surplus lines products
- Real-time coverage recommendations and comparisons to ensure adequate protection
- Automated notifications when recommended coverage minimums are not met
- Comprehensive proposal generation with detailed coverage overviews and cost breakdowns
- Instant invoicing upon binding, including all surplus taxes and fees
- Digital platform handles all surplus lines filings
- Access to broker assistance for review and support