To understand how to work productively with Evertas, let’s first review a typical sales cycle.
The process starts when the insured contacts a retail broker seeking a crypto insurance policy. Usually, the retail broker then approaches a specialist wholesale broker who provides a list of items required in order to get the most effective quote.
The wholesale broker makes a submission to Evertas, and we respond by issuing a provisional quote, commonly called a very rough indication (VRI). This equips the broker with a ballpark estimate and carries with it a list of additional information required for a firmer quote.
At that point, if the VRI is within the expected range, the broker takes the quote to the insured where the gathering of the requested information begins.
Alternately, the broker may ask what other conditions might be met to bring the VRI into the expected range, and those terms are presented by the Evertas underwriters and conveyed to the insured through their brokers.
Once Evertas is in possession of the required information, a firm quote is provided. This is a commitment to issue a policy according to a defined set of terms and conditions, in addition to any specific exclusions or attestations that may apply. This firm quote is presented to the insured who can accept or reject it.
If accepted, the policy is bound and then issued. An premium invoice is sent to the insured via their broker.
That probably seems very familiar to a broker with any experience. Where Evertas adds unique value is in the generation of a supplemental application form at the VRI stage. This is typically a 25-50 point questionnaire tailored specifically to the insured’s exact circumstances. This is a vital point worth emphasizing, as it ensures that the firm quote is as effective as possible – both in terms of cost and coverage. Our supplemental application form covers 50 risk areas and is unrivaled in this industry, because it was generated by cryptonatives and experts in custodial crypto solutions and is constantly evolving with Web3. Completing it may require a little extra time and effort but consider this an investment in a much better outcome for insureds and, by extension, their brokers.
What we ask in return
These better outcomes are a product of the proprietary tools we’ve invested in developing and the additional effort and expertise we dedicate to the underwriting process. These will all directly benefit the brokers we engage with. In return, we ask that brokers commit to some basic professional courtesies.
- Please allow us to be the first provider you approach for any crypto insurance product.
- Please allow us the opportunity to match any competing policy quote.
- Please only compare Evertas quotes to those similarly written on rated, licensed paper.
Commissions to retail and wholesale brokers are generally around 10% and 7.5% respectively. The balance is paid to the carrier with some left over for Evertas.