|Mission Statement: To foster the creation of new products, distribution channels and underwriting modules to provide better solutions for everyone in the chain of insurance commerce.|
Until recently, the insurance industry had long been in need of a think tank or incubator supporting new insurance concepts and ideas. In 2010, MarketScout formed the Entrepreneurial Insurance Alliance© (EIA), an amalgamation of forward-thinking companies supporting innovation in the insurance industry. EIA participants include companies from investment, underwriting, technology, processing and distribution segments of the insurance industry.
The goal of the EIA is to assure good ideas reach market and are not lost in the morass of legal, investment and processing challenges. Members of the EIA provide support including investment capital, administrative services, accounting systems, software implementation, access to underwriting capacity and worldwide distribution. With help from the EIA, an insurance entrepreneur can take a good idea from start to finish with the assurance the idea has a fighting chance of success.
Examples of initiatives undertaken by one or more members of the EIA include:
- Underwriting capacity for a new MGA
- Accounting, software and investment capital for a new wholesale broker
- Expansion capital for an electronic distribution system
- Investment capital to restructure a retail agency
- Advisory services and software support for an insurance-specific technology firm
- Distribution platform for a new MGA
Members of the EIA represent an alliance of some of the world’s most innovative companies, all with differing skill sets, supporting entrepreneurs in need of assistance in launching ideas. The ultimate goal of the EIA is to help make the insurance industry better for consumers and insurance practitioners alike.