Garagekeepers insurance is one of the most misunderstood and complex specialty commercial lines in the insurance industry. It often gets confused with garage liability coverage which leaves many businesses not properly protected, and with about a quarter million businesses impacted, this can be problematic. However, confusion about garagekeepers is only part of the issue. The larger challenge lies with insurers trying to launch and manage this complex line.
Garagekeepers insurance is one of those specialty lines that caters to a very niche market. Even though the market size is relatively small, garagekeepers insurance carries a level of complexity equivalent to some of the larger commercial lines.
Garagekeepers, as with many specialty lines, suffer from technology deficiency because most insurers invest more in enhancing technologies for their larger segments and just do not have the teams to support them. As a result, these specialty lines end up on legacy platforms with archaic manual processes. The cost and effort to modernize or automate these specialty lines tends to outweigh the benefits – at least that was the traditional perception.
However, the perspective in modernizing specialty lines is rapidly changing with recent advancements in insurance technology.
Advancements in API and cloud-native technologies have changed the product distribution paradigm and insurers are taking notice. Leveraging ultramodern insurance software, like ClarionDoor, insurers are able to define, configure, and distribute their products faster, cheaper, and without the burden of monolithic legacy systems – ultimately making them more efficient and competitive.
This technology breakthrough has revolutionized the product distribution market. Insurers are taking advantage of these new technologies to enhance existing products, expand into new markets, and modernize their entire portfolio and doing so with technology partners like ClarionDoor.
The ClarionDoor Experience
ClarionDoor is the provider of the most intelligent insurance product distribution software that enables insurers, MGAs, brokers, wholesalers, and program administrators to expand into new markets and enhance existing products with an unparalleled experience. The difference is in our technology.
ClarionDoor is the preferred choice among insurtech startups and veteran insurers who are looking for a modern product distribution solution. Our breakthrough API-first, cloud-native, no-code insurance software provides an unparalleled experience defining, configuring, and distributing any property & casualty insurance product, especially garagekeepers.
Insurers choose ClarionDoor not just for our incomparable software, but for our people who understand insurance, and our process which actually gets clients live. They choose ClarionDoor for the experience of launching products fast, innovative simplicity, and modern product distribution.
Contact us at [email protected] for a demo and see how you can launch your garagekeepers program today.
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