SnapNsure Insurance Services LLC has partnered with technology companies GAPro System Inc. and Mercato Solutions Ltd. to develop a “next-generation” insurance platform through which self-storage tenants can buy coverage for their stored belongings. The collaboration is intended to improve the customer experience by adding speed, options and functionality to SnapNsure’s platform and enable the company to offer additional lines of coverage, according to a press release.
SnapNsure launched its independent storage-contents insurance program last year. Renters can purchase a policy directly through the company website for any facility in their area. Its program is underwritten by The Hanover Insurance Group Inc., a holding company for several property and casualty insurance companies.
“Once we proved our business model, we needed a state-of-the art technology platform to handle the increased volume and customer base [as well as] give us the ability to easily add additional products,” said Matthew Thornton, president and CEO of SnapNsure. “The insurance focus and top-notch technology of GAPro and Mercato have enabled us to do this. They worked with us to design the functionality and optionality we need and are helping to give us a significant time-to-market advantage. We have several new products in the pipeline that the platform will easily accommodate. We look forward to a long-term relationship with them.”
GAPro bills itself as an “insurtech” startup that delivers data-driven verification-as-a-service (VaaS) to “reduce costs and errors associated with legacy certificate form-based approaches,” the release stated. It provides insurance carriers, agent/brokers, the insured and third parties with “secure self-service access to their insurance information, providing real-time and continuing insurance confirmation and compliance verification globally.”
“Customers should be able to easily research, quote, pay and issue coverage for their belongings,” said Herb Gibson, president and CEO of GAPro. “GAPro is honored to be empowering SnapNsure as part of the continuing insurtech revolution.”
Mercato specializes in platform development. Its services include enterprise app development, online marketplaces, pre-sales advisement and price quoting, and information-technology price benchmarking, according to its website.
Based in Wilmington, Del., SnapNsure offers coverages nationwide. Covered causes of loss include fire or lightning, vandalism, burglary, water damage and more. Specialized coverage can be purchased for rodents, flood, earthquake and named storms. Items excluded from coverage include any kind of money or securities, wildlife, firearms, fur garments, jewelry, contraband, valuable documents and records, and others.