The product was developed in record time, enabling sports teams to easily insure players, coaches, and owners through BizDynamics’ digital engagement platform
Players Health, an innovative sports platform and insurtech MGA, launched a unique insurance product enabling amateur and professional sports teams to buy comprehensive insurance to protect players, coaches, and owners through agents or a direct-to-consumer portal.
Recommended Fintech News: A Mobile-Led Risk-Based Approach Is Crucial to Achieving Financial Inclusion
Insurance plays a critical role in the life of a sports team, and it may be impossible for a team to play without it. The wide variety of risks a team faces means it must obtain a number of insurance types, including a commercial policy and athlete medical coverage. Getting exactly the right coverages for a team quickly and efficiently is often a challenge. Players Health’s new product combines general liability, directors’ and officers’ coverage, and athlete medical coverage, and represents an industry breakthrough in addressing this problem, building on the growing trend toward embedded insurance.
This first-of-its-kind insurance offering is powered by Socotra, which allowed the company to develop and launch the highly complex product in only three months. The development of the product—which includes three types of insurance coverages, entailed 400 forms, and was launched in 41 states—would have taken one to two years using traditional methods and technologies.
“I applaud Players Health for its mission to help sports organizations create the safest and most accessible environments for athletes—especially youth athletes,” said Dan Woods, CEO of Socotra. “We were delighted that Players Health chose Socotra Policy Core. Socotra offers insurers of all sizes the only proven and API-driven path to go live. Players Health and other insurtech MGAs can bring complex insurance products to market faster, more affordably, and with greater flexibility for future growth.”
Read More About Fintech News : Fintechs Must Embrace a Good Customer Experience (CX) to Compete
Chosen as the core system by 27 carriers and insurtech MGAs in the last 18 months, Socotra provides the insurance industry’s most open and agile platform powerful enough for today’s innovators. With Socotra, insurers can rapidly launch any insurance product with out-of-the-box capabilities or by integrating through open APIs any custom or third-party technology in the insurance ecosystem.
Players Health was committed to offering their new product through a digital frontend and incorporating rapidly changing rating content, rules, and forms. They selected BizDynamics, a cloud business unit of ValueMomentum, Inc. and a certified Socotra partner, to deploy their cloud-based rating engine and digital engagement platform, which is seamlessly integrated with Socotra.
“Players Health is one of the first MGAs to allow brokers to place sports and fitness business through a user-friendly digital portal,” said Tyrre Burks, Founder and CEO of Players Health. “This digital-first approach is only possible with the combination of BizDynamics’ digital engagement platform and Socotra Policy Core, which made it fast and easy to launch our unique sports insurance product. Together, Socotra and BizDynamics have been reliable and trusted partners, and we look forward to expanding Players Health’s reach and scale with them in the future.”
Players Health provides state-of-the-art technology, risk management, and insurance products to help protect young athletes and give them safe places to play the sports that they love. With over 400,000 amateur sports organizations and 45 million children playing an organized sport in the U.S., there is a large need for these organizations to step up and put the safety and wellness of athletes first. Players Health works with several thousand sports organizations, such as U.S. Youth Soccer, NFL Flag Football, i9 Sports, and USA Cheer.
“Partnering with Socotra and BizDynamics is strongly aligned with our overall strategic direction,” said Sandeep Bajaj, Chief Information Officer of Players Health. “We’re thrilled to work with Socotra and BizDynamics to deliver an API-enabled technology stack built on modern cloud-native architecture that will drive speed to market and agility and allow us to focus on product quality and customer experience.”
BizDynamics provided implementation support, as well as the digital engagement platform, which serves as the foundation for Players Health’s broader engagement strategy as an embedded insurance provider. Players Health also partnered with Socotra and BizDynamics to launch a new sports and wellness insurance product in Canada in two months.
“We at BizDynamics are thrilled to help Players Health deliver a digital-first experience to their unique group of insurance stakeholders,” said Anant Iyer, President of Markets and Outreach at BizDynamics. “The combination of the BizDynamics digital engagement platform on top of Socotra Policy Core and our rating engine has given Players Health an easy way for agents to sell and service policies and for customers to proactively manage their own risks. Together, we were able to deliver these advanced capabilities in an exceptional timeframe. We look forward to helping Players Health further their vision of digital engagement and value-added services, including embedded insurance, for the sports ecosystem.”
Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable.
Browse The Complete News About Fintech: How Uncertainty Breeds Creativity within the Banking Industry
[To share your insights with us, please write to sghosh@martechseries.com]
