Some news from the US market;
Hourly.io has teamed up with insurance and financial services provider Nationwide to expand its workers’ comp and payroll service.
In this alliance, Hourly will serve as a Managing General Underwriter (MGU) underwriting skilled trade businesses with mobile and hourly workers using technology and millions of real-time data points from the Hourly platform. While most insurers underwrite workers’ comp based on data that is 12-18 months old, Hourly’s revolutionary use of big data gives business owners an alternative high-quality insurance partner, fairer and more accurate pricing, with personalized customer service. Businesses that will most benefit from using Hourly include construction, contracted services, transportation and trucking, foodservice, and retail stores among others.
Through Nationwide, Hourly’s platform and advanced underwriting model will help Hourly’s network of more than 3,000 appointed independent insurance producers expand their client base, retain more of those clients, generate more revenue, and stand out from competitors.
“We’re thrilled to announce our partnership with Nationwide as the next step in Hourly’s growth strategy,” said Hourly Co-founder and CEO Tom Sagi. “With Nationwide on our side, our growing network of independent insurance agents will finally be able to offer small and medium-sized businesses a service-oriented alternative, ensuring they don’t overpay for their coverage. And these same small businesses will better understand their labor costs—including workers’ comp premiums—information they can use to bid more accurately on projects and manage their expenses to the penny.”
“We’re excited to join forces with Hourly and help hardworking businesses across the country protect their employees,” said Nationwide’s Vice President Dale Hoppe who leads the company’s Excess & Surplus and Specialty WC programs division. “Workers’ comp has been hard to appraise in the past because the technology to price risk simply wasn’t there. Our collaboration with Hourly’s payroll platform sets new industry standards by prioritizing fair pricing, better overall service, and a commitment to continuous innovation. Nationwide and Hourly’s much-needed upgrades to the workers’ comp space will become the new benchmark for the industry for the mobile workforce, filling a gap that has plagued workers’ comp for far too long.”
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