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Embedded Event Insurance Broker Case Study

In the below event insurance broker case studies, broker and venue names have been changed to preserve confidentially.

Event insurance and insurance brokers never mixed well. Because the average premium of an event insurance policy is $150, it’s hardly worth a broker’s time to quote and process an event insurance policy. However, with the advancement in technology, event insurance is quickly becoming a passive income source for many brokers.

Insurers like Intact and GBLI now make it possible for brokers to get a co-branded webpage or link that will allow users to self-serve a special event insurance policy, while the broker still earns the commission. The link can be placed on the broker’s own webpage, or a venue specific link can be requested that can be embedded directly into the venue’s rental agreement and/or website.

The venue specific link has many advantages. Because most venues now require renters to acquire their own event insurance policy for each rental, it can become an administrative headache. However, with a venue specific link, the policies can be easily secured online without having to call a broker and wait for a quote. A process that previously took days or even weeks, is now done in 3 minutes.

Embedded Insurance Broker Case Studies

Case Study 1

National Insurance Brokerage in Orlando onboarded 8 venue clients that are located throughout Florida that regularly rent out their venue to third parties. Events include weddings, celebrations, etc.

Since providing the venue specific links to the venues, over $100,000 in premiums are processed each year without any involvement from the brokerage. Furthermore, because of the positive feedback from the venues, it has further increased the “stickiness” between the broker and the venue. The broker predicts that this will lead to lower client churn in the future.

Case Study 2

ABC Risk Services onboarded 10 venue clients throughout the Dallas, Texas area that regularly rent out their venues for weddings.

Since providing the venue specific links to the venues, over $120,000 in premiums are processed each year without any ongoing time commitment from the brokerage. However, the venue specific links provide the brokerage with a reasons to “check in” with their clients more regularly, thus strengthening their relationships.

Case Study 3

PA Northeast Brokerage onboarded 14 venue clients throughout Pennsylvania for various types of events like weddings, celebrations, funerals, conventions, etc.

Since providing the venue specific links to the venues, over $150,000 in premiums are processed each year. And because it requires no effort from the brokerage, the venue specific links have reduced special event insurance policy processing times by 100% for the brokerage.

Other Broker Benefits of Embedded Event Insurance

  • A way to upsell/secure additional premium through existing clients, without costing them anything (special event insurance policies are paid for by the renter)
  • Eliminates emails/phone calls related to special event insurance policies
  • Passive income that ‘stacks’ as more clients are onboarded
  • Makes it hard for the venue to ‘churn’ and switch brokers since the venue specific link is tied to the brokerage
  • Can be used as a ‘freebie’ – Some brokers use the venue specific link as a free giveaway to help close business
  • Scales quickly – A venue link can be obtained within one business day

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Disclaimer: The materials available on this site are for informational purposes only and should not be construed as advice or guarantees on any subject matter. The opinions and statements expressed through this site are the opinions of the individual author and may not reflect the opinions of JAUNTIN’. This blog contains general information which may not be current or accurate. For specific questions about insurance and any requirements, please contact your insurer directly.

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