First Insurance & Risk Management (First), an insurtech platform and program administrator, has today announced its launch. The firm will provide a range of services targeting small businesses and aiming to bridge the gap in insurance coverage and risk management resources for this underserved market segment.
By partnering exclusively with independent insurance agents and brokers, First aims to provide stability and confidence to small businesses operating in today's volatile economic environment, the company said in a news release.
The platform offers agents and brokers access to a simplified application and purchase process, enabling customers to acquire coverage online within minutes, with instant policy delivery for a seamless and efficient experience.
First also provides its policyholders with integrated risk management resources. Once a new policy is issued, customers gain access to a personalized risk management dashboard tailored to their specific industry or classification.
“We take great pride in our role as stewards of our shareholders and (re)insurers' capital, enabling the transfer of risk for our policyholders,” said Jonathan Hooven, co-founder and CEO of First. “Our core values, especially customer-centricity and innovation, reinforce to all stakeholders, both upstream and downstream, that we will proactively protect underwriting profit.
“Proactive protection of profit means – and this is unique to First, as well as transformational in what it means to be an insuretech – the entire value chain of capital has committed to viewing everything we do through the lens of our small business customers,” Hooven said. “As a professional risk management organization, we see our overarching objective as being a long-term risk transfer partner. We do this, of course, by providing loss prevention services and paying insurance claims fairly and on time, but also by generating consistent underwriting profit so that we remain a reliable partner to our customers.”
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