Players Health, an innovative sports platform and insurtech MGA, today launched a unique insurance product enabling amateur and professional sports teams to buy comprehensive insurance to protect players, coaches, and owners through agents or a direct-to-consumer portal.
Insurance plays a critical role in the life of a sports team, and it may be impossible for a team to play without it. The wide variety of risks a team faces means it must obtain a number of insurance types, including a commercial policy and athlete medical coverage.
Getting exactly the right coverages for a team quickly and efficiently is often a challenge.
Players Health’s new product combines general liability, directors’ and officers’ coverage, and athlete medical coverage, and represents an industry breakthrough in addressing this problem, building on the growing trend toward embedded insurance.
This first-of-its-kind insurance offering is powered by Socotra, which allowed the company to develop and launch the highly complex product in only three months. The development of the product—which includes three types of insurance coverages, entailed 400 forms, and was launched in 41 states—would have taken one to two years using traditional methods and technologies.
Chosen as the core system by 27 carriers and insurtech MGAs in the last 18 months, Socotra provides the insurance industry’s most open and agile platform powerful enough for today’s innovators.
With Socotra, insurers can rapidly launch any insurance product with out-of-the-box capabilities or by integrating through open APIs any custom or third-party technology in the insurance ecosystem.
Players Health was committed to offering their new product through a digital frontend and incorporating rapidly changing rating content, rules, and forms.
They selected BizDynamics, a cloud business unit of ValueMomentum, Inc. and a certified Socotra partner, to deploy their cloud-based rating engine and digital engagement platform, which is seamlessly integrated with Socotra.
Players Health provides state-of-the-art technology, risk management, and insurance products to help protect young athletes and give them safe places to play the sports that they love. With over 400,000 amateur sports organizations and 45 million children playing an organized sport in the U.S., there is a large need for these organizations to step up and put the safety and wellness of athletes first.
Players Health works with several thousand sports organizations, such as U.S. Youth Soccer, NFL Flag Football, i9 Sports, and USA Cheer.