SAN FRANCISCO, Oct. 3, 2023 /PRNewswire/ -- Rainbow, a digitally-enabled underwriting company, has announced the launch of the industry's first annual term Business Owner's Policy (BOP) specifically tailored to the restaurant industry and among other payment methods is also available to be billed on a Pay-As-You-Go basis. The company's digital insurance products are available to independent agents and brokers through direct appointment, or via participating digital partners. Rainbow enters the admitted commercial multi-peril market with capacity through Accelerant, which is rated A- Excellent by AM Best (IX Financial Size Category).
While insurance capacity continues to tighten, Rainbow comes to market offering its agents and brokers deep specialization in the foodservice class, establishing the company as a premier market for everything from fast food to fine dining. Agents and brokers benefit from:
- A broad appetite with customizable key restaurant-specific coverages;
- Seamless program access through participating digital wholesale partners;
- An online instant quote-to-bind experience;
- Competitive premium credits for insureds with affinity memberships and demonstrated risk management practices;
- Industry-leading underwriting response times and customer service; and,
- Robust commission rates including profit sharing.
"It is clear from our early trading partners that adequate, tailored insurance which gives credit to an insured for operating safely and prudently is harder and harder to come by," said Bobby Touran, Co-founder and CEO of Rainbow. "Not only is Rainbow a new market with a uniquely broad appetite in this class, but our seamless digital quote experience and focus on expedited underwriting response times provide agents with the confidence that submissions are bespoke to their client and accurately priced."
Rainbow offers policyholders significant credits through its Rainbow Rewards program, which affords lower policy premiums and complimentary safety training resources to those establishments that demonstrate safe and proactive operations during the submission process or through a simple self-inspection. Rainbow's Pay-As-You-Go billing option provides a variable monthly premium that tracks the establishment's operational ups and downs.
"The restaurant industry was significantly impacted by the pandemic, and uncertainty around labor supply, food costs and customer behavior still remains," commented Jamie Hankinson, Co-founder and Head of Product at Rainbow. "Our Rainbow Rewards program is a great resource for any operator looking to provide relevant training to their employee base, while a Pay-As-You-Go policy provides the peace of mind needed to know their insurance policy premiums will closely track business activity levels."
Rainbow's experienced team of insurance and technology professionals is focused on offering its products within partner ecosystems already familiar to agents and brokers. Rainbow's powerful yet easy to use API allows for any digital insurance, accounting or point-of-sale (POS) platform to quickly integrate and offer tailored quotes to their customers instantly.
"There is a huge opportunity with embedding insurance quotes at the source of customer data, especially when obtaining insurance coverage is table stakes in the industry," said Shalom Yiblet, Co-founder and Head of Technology at Rainbow. "We are excited to work with unique digital partners at the point of customer acquisition, and channel this value creation back to our agent and broker partners."
Agents are encouraged to visit userainbow.com/restaurant-insurance-agents or email appointments@userainbow.com to learn more about Rainbow's insurance products and appetite, and to apply to become an appointed producer. Rainbow is available today in the states of Texas, Michigan, Arizona and Indiana, with plans to be live in over 15 additional states before the end of 2023.
About Rainbow
Founded in 2022, Rainbow is transforming insurance into a positive, risk-preventing force for small businesses, starting with restaurants. Through developing insurance products that reward small business owners for putting safety first, and evolve with their business' ups and downs, we are pioneering the insurance policy that provides peace of mind while also working to help prevent claims. Rainbow offers its agent and broker partners a seamless, instant quote-to-bind experience and the industry's first annual term Business Owner's Policy (BOP) specifically tailored for the restaurant industry and available to be billed annually, monthly or on a Pay-As-You-Go basis. Digital partners are able to integrate with Rainbow's powerful yet easy to use API to offer instant quoting to their customers. For more information on Rainbow, please visit www.userainbow.com.
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Media Contact:
Julia Wilkinson: press@userainbow.com
