Award Applications

Thank you for considering BEY for the Insurance Innovation Award. It is an honor and privilege to be acknowledged. BEY’s mission is to identify gaps in the insurance marketplace, and to provide coverage where none exists. Over the past twelve months, BEY has introduced several products to the market to provide homeowners and landlords with protection that was previously unavailable.
BEY has assembled a team of professionals with over seventy five years of experience in the property and casualty industry, as well as seasoned executives from complimentary industries, including consultants, regulatory specialists, legal professionals, and actuaries.
After extensive research, our team identified a gap in existing homeowner policies. In 2017 BEY MGA introduced a new insurance product, with new policy language, that covered “1-4 family” owner-occupied residential dwellings. Many homeowners are unaware that they are responsible for the maintenance and upkeep of the exterior service lines leading from their home’s foundation to the street. A typical sewer line rupture or burst can cost anywhere from $3,000 to $20,000 to repair. Unlike a typical loss, where repairs can be delayed, a sewer line rupture or burst will require immediate attention. Not only will household facilities be unavailable, but delayed repairs may even be subject to local environmental laws and penalties.
Millions of homes throughout the United States were constructed prior to 1960. In turn, millions of service lines have already exceeded their life expectancy. During the last decade, municipalities became aware of potential problems with their aging infrastructures, and began to encourage homeowners to purchase service line protection plans through their local utilities. BEY recognized this opportunity, and provided a new product to protect homeowners against both environmental and economic loss. Utility protection plans feature a long list of limitations, restrictions, and exclusions not found in BEY’s insurance product, and simply cannot provide the same level of protection.
We were able to seize this opportunity through our unique approach to underwriting, as well as our advanced technology platform. There are many factors to consider when underwriting a risk, and BEY recognized that many factors, such as typical age of structure, age of sewer line, home frontage, and others, were typically consistent throughout most neighborhoods. Our platform enables the consumer to purchase a standalone policy on demand from any device, or as an endorsement through one of our partner carriers.
BEY’s existing products can protect between 40 and 50 million homeowners that previously had limited service line protection options. We continue to introduce revolutionary products, as we prepare to launch service line coverage for nearly 2.5 million “1-6 family” non-owner occupied dwellings.
BEY’s product offerings are innovative, but our claim process has been streamlined by technology as well. Advancements in sewer line repair, especially GPR (Ground Penetrating Radar), enable BEY to pinpoint sewer line damage exactly where it occurs, and minimize claims costs by eliminating unnecessary excavation. Soon, BEY’s mobile app will even enable customers to upload pictures, find a preferred BEY technician, and begin a claim from their smartphone.
BEY is always developing new products, and our evolving platform will soon enable us to offer coverage for mixed-use structures and larger habitational risks, as well as coverage for cesspool and septic systems, on-demand. We thank The Digital Insurer for considering our submission for the Insurance Innovation Award, and look forward to participating in LIVEFEST 2018.