Great American Insurance Group has unveiled the formation of a dedicated embedded insurance team, which builds upon the company’s 20 years of experience offering embedded insurance products, set to be led by Chris Banocy, Divisional Senior Vice President.
According to the announcement, the newly formed group will assist in finding and evaluating new embedded insurance opportunities for Great American Insurance Group’s specialty property and casualty operations.
As well as this, the team is expected to develop a suite of custom embedded products, which includes ticket and travel coverages, which are anticipated to be available in 2024.
From what we understand, Great American Insurance Group’s embedded solutions team offers a wide range of customisable specialty commercial and personal lines products for many different industries, APIs and other embedded technology.
Rich Suter, Divisional Group President, commented: “Technology has changed the way consumers make purchases, whether in traditional sectors like auto sales and retail, or in digital spaces. Our mission is to make the process of obtaining coverage as convenient as possible by bringing insurance to the point of sale.”
Adding: “While Great American has vast experience in the embedded channel, the demand for embedded coverages continues to grow at a rapid pace. The formation of a dedicated team allows us to expand our distribution reach and reinforces Great American’s commitment to this channel.”
Earlier this month, Great American Insurance Group promoted Jonathan M. Goldman to the role of Divisional President, Strategic Comp; and Kenneth R. Nieberding, to Divisional President, Great American Risk Solutions, both effective July 1, 2024.
