Synchrono Group, Inc., doing business under its trademark SynchronoSure®, has entered into a partnership with American European Insurance Group (AEIG) for a new P&C insurance product geared for the ever growing Gig Economy, GigBOP. SynchronoSure®, through its proprietary underwriting technology, will underwrite and administer the business on behalf of AEIG in 14 States.
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“We believe the time is right to enter this unique product space. We anticipate that small businesses will grow once again coming out of the current pandemic, and that many new ones will be formed in response to permanent job loss related to the pandemic and economic fall-out. In conjunction with AEIG, we offer agents and brokers the ability to meet new and emerging consumer demand for appropriate insurance that provides package coverage for business personal property, liability, professional liability, inventory and limited first party cyber. Our focus is on meeting the needs of small businesses operating in and around the Gig Economy, which may be home based, operate out of small offices as tenants or co-working spaces. Moreover, the ability to offer this new product to AEIG’s existing agency base creates for a quick ramp for the product. We will be adding additional carriers in the states which are outside of the AEIG current footprint,” said Steve Hartman, CEO of SynchronoSure®.
Chairman and CEO of American European Insurance Group, Nachum Stein stated, “We believe in the business which is being developed by our partners at SynchronoSure®. The combination of highly experienced underwriting talent with a tech forward platform is a clear differentiator. Coupled with their highly scalable proprietary technology, unique modeling capabilities, and expense structure, SynchronoSure® is poised to effectively compete in the small commercial risk premium space that make up most of the Gig Economy. We are excited about this partnership.”
