Elevate insurance shines in protecting homeowners, especially in places like Texas that face natural disasters. It uses SageSure’s tech and Goosehead’s customer service to offer strong insurance. This mix makes homeowners part owners, linking their interests with the company’s.
This partnership has given Elevate a top Financial Stability Rating from Demotech. Texans can choose from many options, including private flood insurance, showing its strong security and coverage1. Currently, Elevate is only in Texas but works with Goosehead to connect with over 150 insurance companies2.
Key Takeaways
- Elevate insurance combines the underwriting proficiency of SageSure with Goosehead’s customer service excellence.
- With a reciprocal exchange structure, Elevate aligns the interests of policyholders and the insurer.
- Elevate has obtained a notable Financial Stability Rating® from Demotech, ensuring reliable coverage.
- Currently, Elevate’s innovative insurance solutions are available exclusively to Texas homeowners.
- Goosehead’s extensive network amplifies the reach of Elevate, connecting policyholders to a broad spectrum of coverage options.
Understanding the Basics of Elevate Insurance
Elevate homeowners insurance is a standout in the market for its innovative approach. It uses the latest insurance technology to offer unique solutions. This is especially true for areas often hit by natural disasters.
What Is Elevate Insurance?
Elevate homeowners insurance works on a reciprocal exchange. This means policyholders share risks and premiums to cover losses. It uses insurance technology3 to make underwriting and claims faster and more efficient.
Managed by SageSure property insurance, it ensures policyholders get excellent service and reliability.
The Role of Goosehead in Elevate Insurance Offerings
Goosehead insurance agency plays a big role in Elevate by using its wide network of over 150 insurance companies. As the top-rated agency in the US, Goosehead offers many options and great customer service4. This helps spread Elevate’s insurance technologies and policies.
Introducing SageSure’s Involvement with Elevate Insurance
SageSure property insurance is the administrator and underwriter for Elevate. It brings a lot of experience in handling property insurance in risky areas. This partnership helps Elevate offer home insurance that meets policyholders’ specific needs4.
With SageSure’s online quoting and risk modeling tools, picking insurance is easier and more informed for policyholders.
The use of technology by these leaders makes Elevate insurance a top choice for homeowners in risky areas.
The Reciprocal Model of Elevate Insurance
The reciprocal model is a new way to manage insurance, mixing old and new ideas. Elevate Insurance leads in this field. It’s owned by its customers, making it stand out in the market.
Policyholder Ownership in the Reciprocal Exchange
Policyholders own part of the company and can get dividends if claims are low. This means their goals match the company’s. For example, Kin shows how keeping premium money separate from company funds builds trust. This way, customers pay less because they help make the company stronger5.
Management and Operation by Insurance Experts
These companies are run by an attorney-in-fact and watched over by a board of governors. This team knows how to handle insurance well. Policyholders also have a say in decisions, making it more democratic. This focus on long-term success helps everyone involved6.
These companies aim to add value for members, not just make profits. They keep insurance costs low, especially for homeowners. This approach draws in new customers5.
Reciprocal exchanges create a community among customers, sharing risks and responsibilities. They ensure fair prices and handle claims well. This way, every member’s opinion helps the group succeed6.
Elevate Insurance’s Expansion and Market Position
Elevate Insurance has made a big mark with its insurance expansion and strong presence in the coastal state market. It started by focusing on areas often hit by different weather events. This approach meets a big need for coverage and puts Elevate in a good spot as capacity challenges grow in the property insurance field.
Elevate’s Growth in Coastal States
Elevate Insurance has grown a lot in coastal states by using new and old market chances. Property insurance rates have gone up for six years in a row, especially in 20237. This shows how important good property insurance is in coastal areas. Working with companies like SageSure and Goosehead has helped Elevate meet the unique insurance needs of these areas.
Adapting to Capacity Challenges in the Insurance Sector
Elevate Insurance and its partners have found new ways to work despite tough times. The excess and surplus (E&S) market, where Elevate plays a big part, grew to $75 billion in 2022, a 20% jump from before7. This shows how well Elevate can handle capacity challenges and keep providing important insurance services.
Here’s a look at how the insurance market has changed, focusing on areas where Elevate has made a big impact:
| Insurance Type | Average Rate Increase 2023 | Change from Previous Year |
|---|---|---|
| Property Insurance | 6% | Up from 5.5% in 20228 |
| Commercial Auto | 7% | Consistent rise per quarter8 |
| Umbrella Premiums | 7.6% | Decline from 9.6% previous year8 |
Elevate Insurance has shown it can handle the tough parts of insurance expansion and capacity challenges. It’s clear the brand is committed to offering property insurance that meets the needs of coastal homeowners.
Key Partnerships Defining Elevate Insurance’s Success
The partnership between SageSure and Goosehead is a key success factor in the insurance world. It has improved how insurance is distributed, adding great value for everyone involved. By working together, they’ve opened up new market chances by using their strengths.
The Strategic Alliance between SageSure and Goosehead
This partnership is all about shared goals and respect. It shows how working together can make services better and bring new ideas. SageSure brings fresh insurance solutions, while Goosehead has strong networks. Together, they’ve grown a lot and work more efficiently.
The alliance underpins critical advancements in insurance distribution, ensuring that clients receive top-tier, innovative insurance coverage solutions tailored to their unique needs.
This partnership has led to strong growth. For example, Elevate Insurance’s net written premiums jumped to $10,182 million in the first quarter of 2024, an 8% increase from last year9. Total revenues also went up by 16%, showing the partnership’s real impact9.
| Financial Indicator | Q1 2023 ($ million) | Q1 2024 ($ million) | Year-over-Year Growth |
|---|---|---|---|
| Net Written Premiums | 9425 | 101829 | 8% |
| Total Revenues | 9677 | 112289 | 16% |
| Net Income | 976 | 11239 | 15% |
| Return on Equity | 17.5% | 18.0%9 | 2.9% |
The partnership between SageSure and Goosehead has helped Elevate Insurance grow and make more money. It shows how important it is to work together in the insurance industry. This partnership is a model for other agencies looking to grow and succeed.
Customer-Centric Approach of Elevate Insurance
Elevate Insurance started with a big goal: to put customers first. It works with partners and offers services that help people feel safe and secure. By combining the strengths of big companies, Elevate makes sure customers get a smooth and helpful experience.
How Elevate Prioritizes the Policyholder Experience
Elevate Insurance focuses on making customers happy and involved. It mixes Goosehead’s strong distribution with SageSure’s underwriting skills. This creates a unique customer-focused approach in the industry.
At the heart of their strategy is a focus on mutual benefits. This approach makes insurance more accessible and increases customer involvement in their insurance plans. It gives customers a say in their insurance and makes sure services meet their needs.
| Service Aspect | Description | Impact on Policyholder Experience |
|---|---|---|
| Policy Flexibility | Tailored policy options that adapt to diverse needs of policyholders. | Enhances satisfaction by addressing specific customer situations and requirements. |
| Claims Processing | Efficient, technology-driven process that accelerates claims resolution. | Reduces hassle and stress for policyholders during vulnerable times. |
| Customer Support | Round-the-clock support with an emphasis on clear, empathetic communication. | Builds trust and reliability, cultivating long-term customer relationships. |
Elevate uses the latest technology to make claims easier and tailor services. It uses advanced analytics and real-time data to give each customer the right attention. This means they meet and even guess what customers need.
Elevate’s big moves bring in global insights and skills. Working with leaders like Nationwide Mutual Insurance Co. and Generali through N2G shows a big shift towards working together worldwide. This partnership aims to lead in global programs10 and offers strong support for the services given to customers.
Elevate’s efforts show a full and active way to handle customer relationships and expectations. This approach creates a strong, supportive insurance community.
Exploring the Products Offered by Elevate Insurance
Elevate Insurance shines for homeowners in Texas, offering homeowners insurance products made for the state’s challenges. They work with SageSure to bring new insurance options, including vital private flood coverage.
Elevate Insurance’s products are known for their wide coverage. The Basic Hospital Plus plan covers bone, joint, and muscle care but not back, neck, spine, heart, vascular system, or pregnancy and birth11. It won the Best Basic Hospital Cover award in 2023 and 2024 by Finder11.
After waiting periods, Elevate’s plans cover many medical procedures. These include treatments after 12 months for pre-existing conditions and pregnancy, and 2 months for other services. They’re also affordable, with an average weekly cost of $16.28 for individual cover11.
- No excess charges for kids on most covers for single parents or families11
- Covers important treatments like gastrointestinal endoscopy, dental surgery, and chemotherapy for cancer11
Changes since July 2019 have made insurance through superannuation better for customers3. These updates ensure fair and clear customer service and complaints handling, creating a strong support system for policyholders3.
Elevate’s focus on private flood coverage shows their commitment to helping homeowners in flood-risk areas. They use detailed risk assessments and flexible options to protect those most at risk of flood damage.
The insurance options from Elevate Insurance go beyond state requirements, offering top-notch protection against the unexpected. This shows their focus on customers and deep knowledge of the insurance market.
Financial Stability and Reliability of Elevate Insurance
The financial stability rating of an insurance company is key to knowing if it can handle claims well, even when money is tight. Elevate Insurance has earned a Financial Stability Rating® of A, Exceptional from Demotech, Inc. This shows it has a strong financial base and good loss reserves. The Demotech A rating proves Elevate’s strong financial structure and its solid market position12.
Demotech’s Rating and What It Means for Elevate
Getting a Financial Stability Rating® of A from Demotech means more than just a good score. It shows Elevate can meet its insurance duties even when money is tight1. This rating looks at things like cash on hand, profits, and enough loss reserves. This makes sure policyholders are always protected1.
Capitalization and Loss Reserve Adequacy
Elevate’s good financial health comes from its smart insurance capitalization and big loss reserves. These steps help it quickly pay claims and keep growing. The company checks these reserves often to keep up with market changes, showing it’s ahead in managing money12.
In short, Elevate Insurance has a strong financial base, shown by its top Demotech A rating and smart money management. These strengths make it a reliable partner for policyholders.
Regulatory Aspects: Is Elevate Insurance Admitted or Non-Admitted?
Understanding Elevate Insurance’s regulatory status is key to knowing how it works and what it offers to its customers. As a reciprocal insurance exchange, Elevate stands out in the market. It’s officially recognized as an admitted insurance entity in Texas, following rules to protect customers.
Being an admitted insurance provider means Elevate follows strict state rules. If it goes bankrupt, customers might get help from the state’s guarantee fund. This is different from non-admitted insurance companies, which don’t have the same level of oversight or safety nets.
Admitted insurance offers stronger consumer protection, which builds trust with customers. It also affects how the company makes policies and deals with regulators.
| Type of Insurance | Percentage of Usage in Claims | Countries Where Non-Admitted |
|---|---|---|
| Product Liability | 29.6% | BRIC Nations |
| General Liability | 19.2% | BRIC Nations |
| Commercial Auto | 18.0% | BRIC Nations |
| Professional/Financial Lines | 17.4% | BRIC Nations |
| Property | 14.1% | BRIC Nations |
| Marine | 20.6% | BRIC Nations |
Looking at the world of insurance, DIC and DIL clauses are used in areas like product liability and marine insurance. These clauses help fill gaps in regular policies. In places like Brazil and China, non-admitted insurance can’t use these clauses. Only local companies can offer policies13.
Elevate’s admitted status means it meets state standards and can offer products in more states. This helps its plans for growth while keeping promises to customers.
Technological Edge of Elevate Insurance Services
Elevate Insurance leads in insurance tech, using the latest solutions to change the game in quoting and claims. They blend advanced online tools and smart risk checks. This makes the insurance process smooth and quick for agents and customers alike.
Innovations in Quotes and Claims Processing
Elevate Insurance teams up with SageSure to bring a new tech platform to insurance. This platform makes getting quotes and handling claims faster and easier. It uses simple interfaces for quick data entry and gives instant feedback, boosting efficiency.
Claims get processed faster with automated steps, cutting down wait times for customers and costs for the company. This not only makes things run smoother but also makes customers happier and more trusting of Elevate.
Stats show how big a deal advanced tech is for insurance. Orion180, a big name in insurance, jumped to No. 229 on the 2023 Inc. 5000 list, with a revenue growth of 2441% over three years14. It’s the third-fastest-growing insurance company on the list, proving tech’s big role in business growth and market standing.
| Company | Rank on Inc. 5000 | 3-Year Revenue Growth Rate |
|---|---|---|
| Orion180 | 229 | 2441% |
Elevate Insurance uses these tech advances to make their quoting and claims systems efficient and flexible. They aim to stay ahead in the fast-paced insurance market, keeping a strong competitive edge.
Exclusivity and Accessibility of Elevate Policies
The partnership between Goosehead agency and Elevate Insurance shows how exclusivity can make policies more accessible and services more tailored. By working only with Goosehead, Elevate gets a brokerage that matches their high service and knowledge standards. This focused approach boosts Goosehead agents’ skills and improves the customer experience.
Why Elevate Is Exclusive to Goosehead Agents
This exclusive deal is based on a shared goal of great client service and insurance know-how. Elevate chooses Goosehead for their skill in explaining complex policies clearly. This makes sure every policyholder feels informed and sure about their choices.
Being exclusive means top insurance options are given to agents who really get the complex policies. They can also adjust them to fit each person’s needs. This exclusivity is about making policies more accessible and ensuring quality service at every step.
Goosehead’s wide network helps Elevate make their unique insurance products available to many clients. Goosehead’s focus on putting the client first matches well with Elevate’s goal of offering exclusive policies that are easy to get. Together, they make the journey from getting advice to filing claims smoother.
The partnership between Elevate and Goosehead shows how exclusivity should work in insurance. It makes getting policies and meeting client needs smoother. This ensures that making policies accessible is always a priority.
The Growth Trajectory and Future Plans for Elevate
Elevate Insurance has made a big impact in Texas, setting the stage for future expansion. They’re looking to grow in other areas, especially the coastal insurance market. This move helps them tackle the unique challenges of coastal homeowners and fits with their insurance growth plans.
Expansion Plans Beyond Texas
Elevate is building on its Texas success to enter other coastal states. They’re working with SageSure to offer new property insurance solutions in areas prone to disasters. This is key to meeting the needs of coastal areas.
Teaming up with Goosehead Insurance will help Elevate grow even faster. Goosehead is known for its quick growth and client-focused approach. This partnership will help Elevate reach more people in the competitive coastal insurance market.
Here’s a look at states they might expand to, based on market needs and strategy:
| State | Reason for Consideration |
|---|---|
| Florida | High demand for innovative flood and hurricane insurance solutions |
| California | Large coastal area with increasing instances of wildfires |
| North Carolina | Growth in real estate prompts need for robust insurance policies |
| Louisiana | Historical struggles with flooding make it a prime market for improvement |
These plans aim to tap into new opportunities and meet a variety of homeowner needs. By focusing on the coastal insurance market, Elevate wants to lead in offering specialized coverage for disaster-prone areas.
In summary, expanding into new areas is a big step for Elevate. Focusing on areas with unique insurance needs will help them grow in the insurance industry.
Corporate Insight: Who Are the Leaders Behind Elevate?
At the core of Elevate Insurance is a team of visionary leaders. They bring together experience and foresight in insurance. This team is key to the company’s growth and quality service. Travis Lewis, Ed Konar, and Ed Schultz lead the company with their expertise.
Travis Lewis – Executive Chairman
Travis Lewis shapes Elevate Insurance with his focus on Technology, Service, and Culture15. He chose logo colors like Logo Red and Service Teal to show strength and reliability15. Lewis uses Typography fonts like Montserrat to show confidence and solidity15.
Ed Konar – President
Ed Konar, the President, has made strong financial moves and partnerships for Elevate. His work has earned the company a top Financial Stability Rating® of A, Exceptional, from Demotech, Inc1. He has also grown Elevate’s reach through a partnership with Goosehead since 20171.
Ed Schultz – Director of Finance
Ed Schultz oversees the company’s finances with great skill. He ensures Elevate has enough assets and capital. Under his guidance, the company serves over 400,000 policyholders and manages over $900 million in premiums1. Schultz is key to Elevate’s growth, especially in Texas and other coastal markets1.
FAQ
Is Elevate Insurance an admitted or non-admitted insurance carrier?
What is Elevate Insurance?
How does Goosehead Insurance contribute to Elevate Insurance’s offerings?
What role does SageSure play in Elevate Insurance?
What does policyholder ownership in the reciprocal exchange mean for Elevate Insurance?
How are the management and operations handled at Elevate Insurance?
What are Elevate’s growth plans in coastal states?
How is Elevate adapting to capacity challenges in the insurance sector?
Can you explain the strategic alliance between SageSure and Goosehead?
How does Elevate prioritize the policyholder experience?
What insurance products are offered by Elevate?
What does Demotech’s rating signify for Elevate?
How are claims and quotes processed through Elevate’s technology?
Why are Elevate policies exclusive to Goosehead agents?
What does the future hold for Elevate Insurance beyond Texas?
Who are the leaders behind Elevate Insurance?
Source Links
- SageSure and Goosehead Partner to Launch Elevate, a New Insurance Carrier for Preferred Coastal Property Risks – https://www.sagesure.com/press-releases/sagesure-and-goosehead-partner-to-launch-elevate-a-new-insurance-carrier-for-preferred-coastal-property-risks/
- Toolkit for Homeowners and HOAs on Insurance – Information and FAQs – https://doi.colorado.gov/homeowners-hoainsurancetoolkit
- PDF – https://arcogroup.com.au/wp-content/uploads/2020/01/07316B_AMP_Elevate_insurance_product_disclosure_statement.pdf
- Microsoft Word – AMP Elevate upgrade flyer v0.7 – AMPL_AP .docx – https://resolutionlife.com.au/sites/default/files/pdf_document/AU/AMP_Elevate_issued_by_AMP_Life.pdf
- What’s a reciprocal insurance exchange? | Kin Insurance – https://www.kin.com/faq/reciprocal-insurance-exchange/
- Reciprocal Insurance Exchange: Definition, How It Works, Example – https://www.investopedia.com/terms/r/reciprocal-insurance-exchange.asp
- Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance – ProgramBusiness | Where insurance industry clicks – https://programbusiness.com/news/program-managers-vs-wholesalers-understanding-their-roles-in-property-casualty-insurance/
- Pulse: 2024 Property & Casualty Report – M3 Insurance – https://m3ins.com/2024-property-casualty-pulse-report/
- Travelers Reports Excellent First Quarter Results – https://investor.travelers.com/newsroom/press-releases/news-details/2024/Travelers-Reports-Excellent-First-Quarter-Results/default.aspx
- Nationwide, Generali Form Joint Venture N2G to Sell Multinational Commercial Lines – https://www.insurancejournal.com/news/national/2020/02/27/559696.htm
- HBF Basic Hospital Plus Elevate | Hospital Cover – https://www.hbf.com.au/health-insurance/hospital-insurance/basic-hospital-plus-elevate
- SageSure and Goosehead Partner to Launch Elevate, a New Insurance Carrier for Preferred Coastal Property Risks – https://www.prweb.com/releases/SageSure_and_Goosehead_Partner_to_Launch_Elevate_a_New_Insurance_Carrier_for_Preferred_Coastal_Property_Risks/prweb19006616.htm
- Global Risk Spotlight: Navigating the Nuances of DIC and DIL Clauses – https://www.chubb.com/content/dam/chubb-sites/external/us/en/businesses/campaign/_assets/multinational/chubb_multinational_dic_dil_082820-1.pdf
- Orion180 Ranked No. 229 on the 2023 Inc. 5000 List – https://orion180.com/orion180-ranked-229-inc-5000/
- Brand Style Guide – https://orion180.com/brand-style-guide/