American digital insurance platform Appulate has joined forces with AllDigital Specialty to fuel digital network expansion.
AllDigital facilitates transactions using blockchain technology and leverages artificial intelligence to underwrite insurance products for wholesale broker partners.
Appulate is a platform where stakeholders of the submission process can come together to generate quotes.
The partnership will add an Appulate technology powered API connection to AllDigital’s private permissioned blockchain platform to allow brokers to generate real-time quotes and bind policies.
The technology is said to be cost-effective for all the parties involved in catering to small business commercial insurance space.
Appulate chief technology officer Dimitri Nikouline noted that “delivering a real-time experience via API is the future”.
Appulate president Jeff Harris said: “This digital network expansion will allow AllDigital to reach Appulate’s 35,000 retail member firms and its 250,000 individual brokers.”
AllDigital senior vice president and head of production Brian DeGraw said: “AllDigital and Appulate share a commitment to excellent customer service, marrying innovative technology with customer-centric and frictionless production support to ensure the best possible user experience.”
The platform is also offering an admitted management liability product, which includes directors and officers liability and employment practices coverage that can be purchased together or separately.
The offering is aimed at private and not for profit institutions that generate up to $100m in revenue and have an employee headcount of up to 125.
Furthermore, AllDigital is working to develop additional speciality lines insurance offerings through Appulate connection.