Buckle, an InsurTech with a full-stack insurance-as-a-service platform for the gig economy, has inked a managing general agency (MGA) agreement with Amwins Specialty Auto, a non-standard auto insurance specialist.
The deal calls for Amwins to underwrite non-standard auto insurance policies for Buckle in Florida as well as Buckle’s gig auto insurance for rideshare and delivery drivers in the state. Gateway Insurance, one of Buckle’s insurance carriers, will be the admitted carrier for both products.
Through the newly executed MGA agreement, Amwins has exclusive rights to the agency distribution of Buckle’s gig auto insurance across its regional footprint. Through Amwins’ extensive agency network, Buckle/Gateway’s NSA product is being issued on new business, effective early December. Buckle’s gig auto insurance will be rolled out in the 2022 first quarter.
Buckle’s gig auto insurance for rideshare and delivery drivers uses data from Transportation Network Company (TNC) platforms to underwrite policies. By using rideshare and delivery data instead of credit scores, Buckle helps close the gap created by conventional insurance policies that leave gig workers underinsured or with higher premiums.
Amwins Specialty Auto is backed by specialty insurance broker Amwins Group Inc. Buckle began life as an MGA with a rideshare insurance policy combining personal and commercial cover in collaboration with Munich Re’s Digital Partners. Buckle has launched additional insurance products and partnerships since then, and it raised $60 million in new venture capital financing in September. The money will help scale its platform.
Source: Amwins Specialty Auto, Buckle