eMaxx expands variable cost captive programme for insurance companies
eMaxx, an insurtech commercial managing general agent (MGA) specialising in alternative risk, has expanded its turnkey platform for insurance companies to enter the variable cost captive market.
eMaxx provides a platform that includes technology, product development, marketing, sales support and administration. It can assume quota share excess of loss (XOL) reinsurance. Insurance companies provide fronting, excess XOL reinsurance, claims oversight and their independent agency network.
Brian McCarthy, chief executive officer at eMaxx, said: “Variable cost captives are the fastest growing sector of the commercial insurance market and there is high demand for alternative risk captive programmes.”
He noted that commercial insurers can enter the alternative risk market quickly and provide their independent agency partners a branded product within months instead of years.
eMaxx recently launched its customer centric technology platform for variable cost captive programmes, providing a centralised source for customers to manage their own insurance and risk management programme. The platform allows customers to access insurance policies, programme documents, historical exposures and claims details.
Customers that are members of the variable cost captive programmes can view their fund performance and profitability. Risk Management capabilities include telematics ranking and score cards, driver files management, MVR monitoring and eLive Connect online learning platform.
eMaxx said it can build and provide support for homogenous, heterogeneous (regional) captives, single parent and enterprise captives for insurance company partners. It acts as the sponsor of eCaptiv, the Vermont-domiciled captive reinsurance company that provides protected cells reinsurance support.
Jeff Kenneson, president at Davies Captive Management, praised the innovation eMaxx has brought to the market since the companies started working together in 2018. “Their infrastructure, including their proprietary technology, are scalable and provide insurance companies the opportunity to provide products to their customers that are in demand,” he said.