Tag: bid bond

Introducing InRev

InRev is a Nashville-based InsurTech startup on a mission to perfectly understand and transfer construction risk with zero friction costs. We engage with that mission by building intelligent, automated systems for analyzing and transferring construction-related risk and then using those systems to underwrite business in our capacity as a Program Administrator. *

You can think of the systems we build as underwriting machines that (a) can be accessed directly by agents/brokers or embedded into construction tech platforms (b) use advanced process automation to perform quote/bind/issue/manage functions instantly (c) use a mesh of underwriting algorithms to objectively underwrite relatively complex submissions.

Our first product is contract surety bonds, which we began writing in February of 2022.  In the second half of 2022, we’ll begin releasing additional construction insurance products.

Who We Are

InRev is powered by an amazing team with expertise across underwriting, software development, operations and data science.

Why We’re Doing This

At $1.7 trillion in annual spending, the construction industry is one of the largest and most important components of the American economy.  About one quarter of all U.S. construction spending is protected by contract surety bonds, making bonds a heavily-used and highly-important feature of not just the construction industry, but the U.S. economy as a whole.

Contract surety bond underwriting and issuance are very complicated, so contractors and their insurance agents often encounter an especially difficult process when trying to obtain a contract surety bond.  That process is plagued by applications, bond requests, documentation requirements, emails and follow-up questions.

InRev believes that the increasing digitization of construction-related processes and data along with advances in a wide variety of technologies have created opportunities to streamline surety distribution and better inform surety underwriting.  

What We’re Doing

InRev is building a platform that fully automates contract surety quote/bind/issue/manage functions, so agents and brokers can obtain bonds for their clients instantly. We’ve spent the last 12 months building a piece of software that accomplishes this using a combination of advanced process automation, lots of third-party data and something we call an underwriting mesh. Today, our platform is available via API. In August, we’ll release a white-label agent portal providing agents & brokers with easy access to instant contract surety bond underwriting and issuance.

Our fully automated platform underwrites contract surety bonds up to $2.5 million single bond / $5 million aggregate account limits. Larger and/or unconventional submissions are referred to an InRev underwriter for manual review.  The InRev underwriting program is backed by Accelerant National Insurance Company (rated A- Excellent by AM Best) with T-List fronting provided by Lexington National Insurance Corporation.

To book a demo, you can go through our website or email us at info@getinrev.com.  We look forward to hearing from you!

* A Program Administrator / MGA is a specialized insurance entity to which an insurer grants authority to underwrite and bind coverage on the insurer’s behalf.