FAQs

Here are some frequent questions we get from our partners

Get in touch with us if you any questions!

• Phone: [phone]

• Email: [e-mail]

What industries do you serve?

While Authentic is flexible for partnering with new industries, our bread and butter verticals are:

• Food & Bev

• Salon & Spa

• Fitness studios

• Professional Services

What happens if our programs suffers high losses?

In a worst case scenario, where your program encounters significant losses, the fact that Authentic has reinsurance partners removes should remove all your concerns. In this situation, our reinsurance partner would step in to absorb a portion of the losses incurred over a certain threshold. This also helps us manage our financial exposure, ensuring that we can continue to provide coverage and support to our clients – small businesses like yours. The reinsurance arrangement acts as a safety net, preventing the insurance company from being overwhelmed by large claims and maintaining their ability to meet their obligations to policyholders.

We don't have engineering capacity, can we still launch a program?

Authentic's aim is to not only provide a first-class insurance product for our end-users but also create a platform that is as small of a lift for our partners. Launching your insurance company is as simple as four steps which require extremely little from both your engineering and business teams. The only steps are: embedding your tenant, signing our data-services agreement and completing the data hand-off, and providing us with your bank details to earn your cut! To learn more, visit our partner integration section.

Why can't I set up and manage a captive myself?

Setting up and managing a captive requires careful planning, risk assessment, and compliance with relevant regulations, necessitating professional guidance from experts in the field – which is the primary reason this alternative insurance solution has only existed for massive corporations to date. As the business landscape continues to evolve, captive insurance offers a compelling alternative that empowers companies to create better products and generate insurance returns.

Read more about how Authentic compresses this complexity on our "Why Authentic" page.

What are the benefits of captive insurance programs for partners?

Starting a captive program with Authentic offers several key benefits:

1. New Revenue Stream: By establishing your insurance program through Authentic, you unlock a previously untapped source of revenue. This allows you to generate profits from insurance offerings that would otherwise be unavailable to your platform.

1. Greater Customer Offering: Integrating commercial insurance products into your existing customer channels enhances your platform's value proposition. You're able to provide an additional service to your customers, thereby expanding your ecosystem and solidifying customer loyalty.

1. Enhanced Customer Experience: Authentic simplifies the insurance purchasing and management process. Customers can buy insurance with just a few clicks, transforming what used to be a complex process into a quick 5-minute application. Furthermore, the coverage provided is highly tailored to your small business customers, ensuring robust coverage at competitive pricing.

1. Zero-Cost Integration: Implementing insurance offerings on your platform requires minimal effort. With a single line of code, you can seamlessly provide insurance services to your customers.

1. Aligned Profitability: Your platform's ecosystem contributes to improved insurance underwriting, leading to better coverage and pricing. This alignment benefits both parties, as Authentic gains improved underwriting insights while you earn additional revenue.

What role does Authentic play in underwriting, handling claims, managing capital markets and reinsurance for programs?

Authentic is fully responsible for the underwriting and capital markets/reinsurance components of our insurance programs, however we have partnered with our TPA (third-party administrator)--Reserv--to handle all of our claims management.

What specific types of coverage can be included in an Authentic BOP policy?

Authentic's two offerings right now are a General Liability and property (only contents, not building) package with a select number of additional coverages such as EPLI and professional liability. While these offerings will expand over time, we are currently partnered with AmTrust, who can offer our businesses additional products such as a Workers Compensation policy and/or a Cyber Security policy.

You can learn more about our specific offerings by industry in our coverage options page.

How can small businesses take the next step to explore and choose BOP offerings from Authentic?

As of now, small businesses can only purchase an Authentic policy if they are part of one of our partner groups. Once you have completed our rapid partner onboarding process, your SMBs can easily access our platform and buy a policy within minutes via our embedded application.

What are the purposes and benefits of the Data Services Agreement and the Captive Interest Agreement offered by Authentic?

Our Data Services Agreement allows our partners an easy path to add insurance as a revenue stream without any legal work. The Captive Interest Agreement allows you to easily spin-up your own insurance agency, allowing partners to eventually shift towards profiting from recurring payments from their SMBs who stick with Authentic.

In short, we recommend that partners start with the Data Services Agreement before eventually shifting towards our Captive Interest Agreement once their program is already up-and-running.