Global insurer and reinsurer SiriusPoint has announced a partnership with commercial insurance technology company Broker Buddha, a platform which simplifies submissions for industry leading brokers and enhances the client experience.

Broker Buddha’s tech platform aims to transform the commercial insurance market by simplifying the application and renewal processes for insureds, brokers, and carriers.

It offers an interactive smart form library with over 10,000 smart forms, and supports the renewal process by highlighting exposure fields and showing prior year values, as well as comparing data across submissions.

As a result, agents can be more efficient, create a better experience for their clients, and enable submissions of a much higher quality for carriers.

SiriusPoint led the $5 million investment round which will enable Broker Buddha to increase sales capacity, enhance the product, develop new offerings, and accelerate the company into a new phase of growth and expansion. As part of the partnership, Darryl Siry, chief technology officer for SiriusPoint, will join the Broker Buddha board.

“We are excited to be partnering with the Broker Buddha team,” Mr Siry said. “They solve a very real problem of facilitating the completion of complex insurance applications between agents and the end customer.

“The team has a very strong product vision and deep technology expertise which will expand their market opportunities as they continue to grow the core product.”

“While many insurtechs focus on solving the problem of submission management for carriers, Broker Buddha is focused on enhancing the efficiency of the independent agent and their customers” he said.

“The value of the product is self-evident in revenue retention ratios higher than 100 per cent year over year. Similar to DropBox’s early growth, gaining initial adoption with an agent inevitably leads to growth within the agency as people experience the product.”

Broker Buddha was set up in 2017 and received seed funding from Vertex Ventures US in 2019. The company currently has over 100 agencies as clients and its technology replaces e-mail, fax, PDFs, and spreadsheets, resolving inefficiencies for agents and carriers caused by issues such as inaccurate and incomplete submissions.

“Having a key player in the industry like SiriusPoint invest in Broker Buddha is amazing for us,” Broker Buddha chief executive officer Jason Keck said.

“Its partnership and investment experience in insurtechs is unrivalled and provides an exceptional opportunity for us to progress and grow.”