Attune: Surplus Insurance Carrier?

Attune Insurance is a New York-based company founded in 2016 to make insurance more accessible to small businesses. It offers a range of coverage options, including business owners' policies, workers' compensation, and excess liability insurance. With its innovative technology and analytics, Attune aims to transform how small businesses obtain insurance, providing a paperless and user-friendly experience. However, it is important to note that Attune is a young company, and its financial strength is yet to be evaluated by major rating agencies.

Surplus lines insurance, on the other hand, protects against financial risks that are too high or uncommon for standard insurance companies to take on. It covers risks that conventional insurers shy away from due to a lack of historical data. Surplus lines insurance is typically more expensive and carries additional risks for the policyholder as there is no guarantee fund if the insurer goes bankrupt.

So, is Attune Insurance a surplus carrier? The answer is no. Attune Insurance is not a surplus carrier but rather a company that aims to make insurance more accessible and simplified for small businesses.

Attune's small business insurance

Attune Insurance is a data-driven online insurance platform that serves small to medium-sized businesses in the US. It was launched in partnership with AIG and Hamilton Insurance Group. Attune's platform aggregates data from different sources and uses advanced analytics to create tailored insurance products for small businesses. The platform aims to streamline the process of pricing, selecting, and underwriting small commercial business insurance, making it easier for agents to deliver the right policy to their customers.

Attune offers a range of insurance products designed to meet the needs of small businesses. One of their key offerings is the Businessowners' Policies (BOP), which bundle property, liability, and business interruption coverages into a single policy. This protects small businesses against equipment damage, customer lawsuits, lost business income due to covered events like fires, and more. Attune also offers Workers' Compensation Policies (WC) to protect employees from work-related injuries, such as slips, falls, and muscle strains.

Another important offering from Attune is their Professional Liability Policies (PL or E&O), which guard small businesses from lawsuits and claims related to professional errors. These policies can be bundled with other common insurance products. Attune also offers General Liability Policies (GL), which are the most common type of insurance for small businesses. GL protects small businesses in the event of claims for property damage or bodily harm from customers, the public, or contractors.

In addition to these core insurance products, Attune provides specialised insurance options such as Flood Insurance Policies, which protect businesses from losses caused by flooding. They also offer Active Cyber Insurance, which safeguards businesses from digital risks, including stolen funds, cyber extortion, and data breaches. Attune's platform is designed to provide customised coverage for small businesses in a matter of minutes, making the process of obtaining insurance simpler and faster.

While I cannot confirm if Attune Insurance is a surplus carrier, I can provide information on what surplus lines insurance is. Surplus lines insurance protects against financial risks that are too great or uncommon for a regular insurance company to take on. It is generally more expensive due to the higher risks involved. Surplus lines insurance is often used to cover non-standard risks or provide coverage limits beyond what conventional insurers offer. It is important to note that surplus lines insurance carries additional risk for the policyholder, as there is no guaranty fund available if the insurer goes bankrupt.

Surplus lines insurance vs. standard insurance

Surplus lines insurance is a special type of insurance that covers unique risks that fall outside the scope of standard insurance policies. It is designed for individuals or businesses with specific or unusual insurance needs that cannot be met by traditional insurance providers. Surplus lines insurance can be used to protect against financial risks that are too great or too uncommon for regular insurance companies to take on. This includes risks related to special, high-value, or uncommon items, as well as new businesses or businesses with a high number of past claims.

Standard insurance, also known as admitted insurance, refers to policies offered by insurance companies that are licensed and regulated by the state. These companies must follow state regulations regarding the pricing of their policies and the types of risks they can cover. In contrast, surplus lines insurance is provided by non-admitted or unlicensed carriers, which are not required to be licensed in the policyholder's state and are not subject to the same state regulations as admitted carriers. This allows them to take on higher risks and provide coverage for risks that admitted carriers cannot or will not insure.

One key difference between the two types of insurance is the level of financial protection they offer. Standard insurance policies are financially backed by state guaranty funds, which protect policyholders if their insurance company becomes insolvent. In contrast, surplus lines insurance does not have this same level of financial protection, and policyholders may be left covering costs out of pocket if their insurer goes bankrupt. However, it is important to note that the insolvency rate of surplus lines insurers is historically low due to effective solvency monitoring frameworks.

Another difference lies in the pricing and coverage limits of the policies. Surplus lines insurance policies tend to be more expensive than standard insurance, as they are insuring risks that are costlier to cover. They also have more flexibility in designing their coverage and setting their prices. Surplus lines insurance policies may also have more exclusions, restrictions, and limitations than standard insurance policies, as they are not reviewed by state regulators.

In summary, surplus lines insurance fills a gap in the standard insurance market by providing coverage for unique risks that fall outside the scope of traditional insurance policies. It offers individuals and businesses the ability to protect themselves against financial risks that would otherwise go uninsured. While it comes with a higher price tag and less financial protection, surplus lines insurance provides a valuable safety net for those with specific or unusual insurance needs.

Attune's financial strength

Attune Insurance is a New York-based company founded in 2016, making it one of the youngest insurance carriers in the industry. The company aims to make insurance more accessible to small businesses by leveraging innovative technology and analytics. Attune offers a range of coverage options, including business owners' policies, workers' compensation, and excess liability insurance. They also provide flood insurance and active cyber insurance.

Attune's financial stability is described as "growing" and "improving." In 2019, the company announced that it had written over $100 million in insurance premiums in a single year, setting a new record. This demonstrates their increasing financial strength and market presence.

However, as a relatively new company, Attune has not yet been rated by A.M. Best, a leading global credit rating agency for the insurance industry. The lack of a rating makes it challenging to assess Attune's financial strength comprehensively. Nevertheless, they have received a "B+" rating from the Better Business Bureau (BBB), which evaluates businesses based on various criteria, including complaint history, transparency, and advertising practices.

Attune's financial stability is further evidenced by their ability to provide a paperless experience for customers, 24/7/365 claims reporting, and a live chat customer support option. Their complex platform collects data from multiple sources and utilizes advanced analytics to develop customized policies promptly.

While Attune's financial strength may be challenging to evaluate due to the absence of an A.M. Best rating, their growing financial stability, increasing premiums, and customer-centric offerings indicate a positive trajectory.

Attune's customer service

Attune Insurance is a company that provides small business insurance. It claims to be the fastest and most intuitive market for small commercial insurance, making it easy for agents to deliver the right policy to their customers. Attune offers a suite of tailored P&C products and tech-enabled experiences designed to empower insurance agents to say 'yes' to every small commercial client.

Attune's website is user-friendly, and its customer support agents are responsive and dedicated. They are available via live chat, phone, and email to answer questions or provide policy support. The company's online and direct billing system provides clients with immediate notifications about payment confirmation, policy status, and due dates.

According to testimonials on Attune's website, customers have praised the company for its great customer service and the ease of navigating the Attune agent portal. The process of quoting commercial insurance is also described as straightforward, with positive comments about the input of information and the resulting printout. Attune's broad appetite and coverage offerings make it a preferred choice for some agencies.

In addition, Attune partners with Quote Texas Insurance to provide customer service and manage insurance policies. Quote Texas Insurance offers multiple options for customers seeking assistance, including accessing policies online, contacting an agent, or submitting requests online. The company has received positive reviews for its customer service, with customers highlighting the helpfulness and friendliness of its staff.

Attune's claims process

Attune Insurance is a fast and intuitive small business insurance provider. It offers a range of insurance products, including Businessowners' Policies (BOP), Workers' Compensation Policies (WC), Professional Liability Policies (PL or E&O), General Liability Policies (GL), Flood Insurance Policies, and Active Cyber Insurance.

The Attune Insurance claims process varies depending on the type of insurance policy:

• Businessowners' Policy claims are handled by third-party administrators (TPA), Sedgwick, and NARS.
• Workers' Compensation claims are handled by either EMPLOYERS or Builders Insurance Group.
• General Liability and Professional Liability claims are handled by the Hiscox Claims team.
• Flood Insurance claims are handled by the Neptune Flood Claims team.
• Cyler Insurance claims are handled directly by the Coalition Claims team.
• Commercial Excess Liability claims should be reported to the AIG Claims Intake Center.

Attune Insurance aims to provide a seamless experience for its customers, with easy-to-use digital tools and responsive customer support. The company offers a one-portal experience for its customers, including accounts, invoices, an appetite checker, and a rewards program.

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