Tired of being pushed to email with your underwriting questions, then waiting days for a response? Not in this house!

Rainbow is revolutionizing the commercial insurance industry with its proprietary AI underwriting assistant, Rainbow Roy. 

With this innovative tool, agents are able to receive unparalleled underwriting response times. Rainbow Roy instantly presents Rainbow’s Underwriting team with all relevant submission information, allowing them to respond to referral requests within seconds, saving agents and policyholders valuable time.

In addition to its impressive speed, Rainbow Roy also helps agents ensure their submissions are accurately classified and meet Rainbow's eligibility criteria. This means agents can be confident that the quote they receive is accurate and fully bindable. This is a game-changer for small businesses, particularly those in the restaurant industry, as restaurant owners often need the best policy at the best price, same day.

Rainbow's mission is to help prevent claims for its policyholders by utilizing data and individualized unique user experiences. We develop insurance products that reward small business owners for acting prudently and putting safety first. With Rainbow Roy and our commitment to proactive risk management, Rainbow is poised to become a leader in the small commercial insurance market.

We’re thrilled to announce the launch of our Business Owner’s Policy (BOP) for restaurants in Texas! 

Rainbow helps restaurant owners effectively navigate the evolving landscape of the industry and make informed decisions about insurance coverage, and is 100% built for restaurants. 

Rainbow agents offer restaurant owners: 

• Diverse payment plan options that fit every restaurant’s needs, including monthly, annual, and the industry’s first Pay-As-You-Go BOP
• Discounted premiums for demonstrating safe business practices
• Credits for affinity memberships that promote improved loss control
• Free access to training and safety resources

Rainbow agents empower restaurant owners to evolve their operations to address the new set of risks present in the space and navigate the shift to digital technology. Rainbow can work with a restaurant owners’ existing agent or refer them to one of our preferred restaurant experts. 

If you’re an agent looking to partner with Rainbow, get appointed here. You’ll be connected with Brandi, Rainbow’s resident Texan and manager of business development.

Summary

Tony Cañas from the Profiles in Risk podcast chats with Bobby Touran, Co-Founder at Rainbow. Rainbow is a modern underwriting company focused on small businesses. They focus on underwriting by being very specialized, currently in the food and beverage industry, primarily restaurants.

About Bobby

Bobby Touran is changing the business of restaurant insurance with UseRainbow.com, where he and his team are building custom insurance products for the restaurant industry and proudly using independent agents for distribution.

About the Profiles in Risk Podcast

Insurance Nerds’ Profiles in Risk podcast aims to bring an informative, fun and sometimes irreverent look at the insurance industry. Profiles in Risk is the only recurring podcast dedicated to Insurance Careers, InsurTech Startups and Analysis of Insurance Current Events.

Summary

Listen to this podcast from Insurance Nerds featuring Rainbow CEO, Bobby Touran. Bobby is a serial Entrepreneur, he and Broker Brett from Insurance Nerds get into the restaurant industry, their shared experience in the space, new innovative risk management ideas specific to the restaurant industry, and the startup environment in Summer 2023.

About Bobby

Bobby Touran is changing the business of restaurant insurance with UseRainbow.com, where he and his team are building custom insurance products for the restaurant industry and proudly using independent agents for distribution.

About Insurance Nerds

Insurance Nerds' co-founders, Carly Burnham and Tony Cañas, worked at Nationwide Insurance where they met while helping to build a new chapter of the Gen Y Associate Resource Group (young professional group) in the Des Moines, Iowa office. They used the Gen Y ARG and Yammer, Nationwide’s in-house social network, to help young insurance professionals grow in their career and to write about the future of the industry. When they both moved on to other companies, they missed the work of helping fellow insurance professionals grow and decided to continue it at an industry wide scale, and thus, in late 2014, InsNerds was born.

We started Rainbow with a mission to improve small commercial insurance, and by extension improve the operations of local entrepreneurs. We set out to develop customer-centric insurance that rewards operators for putting safety first, with pricing that automatically evolves with a business’s natural ups and downs. Our first offering is an admitted business owner’s policy (BOP) tailored specifically for the restaurant industry. 

Overall, our approach builds on 4 key pillars:

• Focusing on preventing and avoiding claims, because claims aren’t good for anyone.
• Modernizing insurance by redeveloping the core parts of an insurance transaction, and improving affordability for insureds (business owners) through tailored coverages.
• Empowering small businesses with the resources and guidance to run a safer business, and rewarding them for taking steps to improve their safety.
• Being the easiest and most pleasant market for the agents we work with.

We strive to offer the best end-to-end experience in the industry for small commercial insurance, and our software engineering goes well beyond quote, bind and issue capabilities.

We are Rainbow! 

Shalom, Jamie, Bobby

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The first Pay-As-You-Go BOP

Introducing the industry’s first Business Owner’s Policy (BOP) with an annual term billed on a Pay-As-You-Go monthly basis that requires no upfront premium deposit. By connecting your point-of-sale or accounting system to Rainbow, you ensure your general liability insurance premiums are automatically and appropriately priced, based on your monthly sales levels. 

We provide protection with industry-tailored coverage and lower monthly premiums during periods of seasonality or general business slow downs. During periods of growth, you can be confident you’re paying the exact policy premium required for the coverage you need. Even better, we reduce the need for time consuming year end audits.

How do we price your insurance premiums every month?

With Pay-As-You-Go policies, the premium charged for certain general liability coverages will change each month, as your total sales fluctuates. Premiums charged for property coverages (like business personal property and building) remain fixed throughout the policy term.  As such, any change in the total monthly premium is directly attributable to changes in premium for general liability coverage. 

To support a Pay-As-You-Go policy, we require verifiable sales reporting from the policyholder on a monthly basis.  There are three ways to send us your sales data:

• a direct (API) integration with your Point-of-Sale (POS) or cloud accounting provider (coming soon!)
• automated email reporting from your Point-of-Sale (POS) or cloud accounting provider
• self-reporting by the establishment

Reporting sales: Direct API integration (coming soon) 

Reporting sales this way is by far the easiest.  If you use a POS or accounting provider that Rainbow has an integration with already, just follow the steps below:

• Login to your Rainbow dashboard
• Click Integrations on the left nav bar
• Select your POS/accounting provider if it is listed
• Login to your provider following the steps on screen

And voila! You’ve now connected your POS/accounting service to Rainbow, and your Pay-As-You-Go BOP policy is fully set up.

Reporting sales: Automated email reporting

You may be able to send automated email reporting to Rainbow directly from your provider.  For example, automated daily sales email reporting is available through:

• Toast (Instructions to set this up here)
• FocusPOS (Instructions to set this up here)
• QuickBooks (Instructions to set this up here)

If you know that your POS/accounting provider supports automated email reports, get started by emailing us at support@userainbow.com requesting a unique Pay-As-You-Go email address and we will be glad to help you out.

Once you set up automated daily or monthly emails to come to Rainbow, you’re all set! Nothing else is required.

Reporting sales: Self-reporting

If you are unable to report sales to Rainbow through automated emails, you’re still eligible for a Pay-As-You-Go policy!  To keep the policy in good standing, you must provide Rainbow with a verifiable sales report every reporting period. We accept the following verifiable sales reports:

• PDF sales reports exported directly from your POS/accounting provider
• P&L or general ledger reports exported directly from your accounting provider
• Sales reports in email format that originated from your POS/accounting provider

Unfortunately we cannot accept: 

• Screenshots or pictures of sales reports
• User-reported sales either via email or over the phone

Before generating your sales report to send to Rainbow, you must use a date range that matches your policy’s monthly payment period.  This is generally always the 30 day period after your last premium bill receipt.

Again, get started by emailing us at support@userainbow.com noting that you’re requesting a unique Pay-As-You-Go email address and verification of the correct reporting window and we will be happy to confirm this for you! 

Are you an insurance agent? Get appointed now.

If you’re an agent and want to learn more about Rainbow Insurance and get appointed, click here.

As an appointed agent, you benefit from a flexible, easy-to-navigate digital platform that is backed by live underwriters and can quote and bind a policy online in 5 minutes or less. You can eliminate the tedium of online quoting with a streamlined submission process and instant issuance of policies and COIs. Plus, Rainbow offers competitive profit share plans, starting as low as $100k in gross written premium, for appointed agents that consistently write new lines of business using the platform.

A typical BOP policy is based on estimates

Traditionally, a small business or restaurant looking for business insurance would work with their agent to purchase a commercial multi-peril, or Business Owner’s Policy (BOP), based on estimated information.  

Generally, what key information is estimated? For restaurants or foodservice establishments, it’s:

• total annual sales or annual receipts,
• total liquor or alcohol sales as a percent of annual sales; and,
• total sales from delivery as a percent of annual sales.

This information is required during quoting as it plays a large part in determining the ultimate general liability component of the total premium the business pays.  Because the information is estimated, it is always subject to audit by the insurance carrier.  Premium audits:

• are inconvenient for the agent and business owner,
• can lead to the business paying more for their insurance at the end of the policy term; and,
• can lead to challenges with coverage renewals if the estimated information is deemed untruthful.

In an ever-evolving business environment, especially felt by restaurants coming out of the global pandemic, estimating 12 months’ worth of sales can be challenging.  We think it should be unnecessary.

The first Pay-As-You-Go BOP

Rainbow has introduced the first Business Owner’s Policy (BOP) to the market that is billed on a Pay-As-You-Go monthly basis. We achieve this by simply allowing a business to connect their POS or accounting system to Rainbow, so their general liability insurance premiums can be automatically priced, based on their monthly sales levels. We offer: 

• No upfront premium payments - you start paying your policy premiums at the end of the first month,
• No audits or back premiums; and,
• Peace of mind that the business only pays for the insurance that they need, and is covered for the full policy term, based on verified (not estimated) information. 

Pay for only the insurance you need

With a Rainbow Pay-As-You-Go BOP, the business has peace of mind that during economic downturns or periods of seasonality, their policy premium will decrease with lower sales levels.  Likewise, during periods of growth in total sales, the business can be confident that they are paying the exact policy premium required for the coverage they need.

Get a Rainbow Pay-As-You-Go BOP

If you are a small business owner in Texas or Arizona, talk to your insurance agent today about seeing a BOP quote from Rainbow Insurance, or simply click here.

Agents, get appointed now.

If you’re an agent and want to learn more about Rainbow Insurance and get appointed, click here.

As an appointed agent, you benefit from a flexible, easy-to-navigate digital platform that is backed by live underwriters and can quote and bind a policy online in 5 minutes or less. You can eliminate the tedium of online quoting with a streamlined submission process and instant issuance of policies and COIs. Plus, Rainbow offers competitive profit share plans, starting as low as $100k in gross written premium, for appointed agents that consistently write new lines of business using the platform.

Understand the key challenges and explore opportunities within the restaurant industry while learning strategies that maximize sales as a restaurant insurance agent.

Restaurant insurance is a highly competitive market that faces several challenges and opportunities in 2023. To maximize sales, restaurant insurance agents must think outside the box and implement strategies that build strong relationships with clients, stay up-to-date on industry trends and regulations, and leverage technology to streamline sales.

Here are some strategies for maximizing sales in the restaurant insurance market in 2023:

Strengthen client relationships

Building strong, long-term relationships with each client is essential to establish a deep understanding of a client's unique needs and provide tailored insurance solutions. By building long-term relationships, agents can generate repeat business and referrals from satisfied clients. Prioritize after-sales support and engage in regular communication to build a rapport that will ensure you get the call come renewal time.

Ask happy clients for referrals

Encouraging existing clients to refer their vendors and business partners can help drive new business. The restaurant industry can be a close-knit community with overlapping vendors and service providers that interact with many businesses. Strong client relationships and simply asking for the referral will offer fruitful leads toward new business

Stay up-to-date on trends & regulations

Keeping abreast of new trends through sites like RestaurantNews.com, regulations, and developments in the restaurant industry can help agents stay ahead of the curve and provide the most relevant and effective insurance products to their clients. This also ties back into strong client relations as it offers a foundation for dialogue and conversation.

Leverage tech to streamline sales

Technology can ramp up your sales in a big way. Consider using online tools that simplify the sales process, such as HubSpot and Rainbow Insurance. This can help reduce the time and effort required to bind policies and communicate with prospects, making it easier to convert leads into customers. Rainbow offers a suite of tech tools that are beneficial to both agents and their customers by simplifying the insurance buying process and reducing costs. Agents can automate tedious tasks and get quotes online in minutes. Customers, on the other hand, can link Rainbow with their existing POS system to take advantage of variable rate premiums that adjust to the restaurant’s volume of sales each month.

Develop strategic partnerships

Partner with POS providers, delivery services, or associations like the National Restaurant Association. Partnering with companies that serve the restaurant industry can be a great way to expand your reach and tap into new markets. The goal here is to create opportunities to connect with potential customers and build relationships without tired outreach methods like cold calling or spamming.

Don't be a generalist

To stand out in a crowded market, it's important to differentiate your product offerings. Rather than offering generic insurance policies and one-size fits all coverage, narrow your focus around the restaurant space. Learn about the challenges inherent to the restaurant industry and learn how to address the needs of clientele operating in that market segment. This will help you establish expertise within the market and attract customers who are looking for specialized coverage and guidance.

Target specific niches

Zero in on niches such as Texas barbecue franchises. In addition to specializing in specific coverages for niches, it can be beneficial to focus on market segments within the restaurant industry. For example, coffee shops, fast food, or fine dining establishments all have unique insurance needs, so you can tailor your products and services.

Get appointed with Rainbow Insurance

Another way to differentiate your offerings is to provide unique value-added services. Rainbow is a game changer in the restaurant insurance market because it is 100% built for restaurants and adjusts to their business with a pay as they grow model of coverage. Restaurant owners benefit because they will never overpay premiums, and they will never find themselves underinsured.

As an appointed agent, you benefit from a flexible, easy-to-navigate digital platform that is backed by live underwriters and can quote and bind a policy online in 5 minutes or less. You can eliminate the tedium of online quoting with a streamlined submission process and instant issuance of policies and COIs. Plus, Rainbow offers competitive profit share plans, starting as low as $100k in gross written premium, for appointed agents that consistently write new lines of business using the platform.

To learn more about Rainbow Insurance and get appointed visit userainbow.com/for-agents