Rainbow has also given restaurants a Pay-As-You-Go option.
The company’s digital insurance products are available to independent agents and brokers through direct appointment or participating digital partners.
Agents and brokers benefit from:
- A broad appetite with customisable key restaurant-specific coverages;
- Seamless programme access through digital wholesale partners;
- Online instant quote-to-bind;
- Competitive premium credits for insureds with affinity memberships and risk management practices;
- Good underwriting response times and customer service, and
- Robust commission rates.
“It is clear from our early trading partners that adequate, tailored insurance which gives credit to an insured for operating safely and prudently is harder and harder to come by,” said Bobby Touran, co-founder and CEO of Rainbow.
“Not only is Rainbow a new market with a uniquely broad appetite in this class, but our seamless digital quote experience and focus on expedited underwriting response times provide agents with the confidence that submissions are bespoke to their client and accurately priced.”
“The restaurant industry was significantly impacted by the pandemic, and uncertainty around labor supply, food costs and customer behavior still remains,” commented Jamie Hankinson, co-founder and head of product at Rainbow. “Our Rainbow Rewards program is a great resource for any operator looking to provide relevant training to their employee base, while a Pay-As-You-Go policy provides the peace of mind needed to know their insurance policy premiums will closely track business activity levels.”
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“There is a huge opportunity with embedding insurance quotes at the source of customer data, especially when obtaining insurance coverage is table stakes in the industry,” said Shalom Yiblet, co-founder and head of technology at Rainbow. “We are excited to work with unique digital partners at the point of customer acquisition, and channel this value creation back to our agent and broker partners.”