Accident insurtech Buddy expanding nationwide with Berkley
Buddy, an insurtech offering episodic, short-term accident insurance for sports and outdoor activities, has announced a new underwriting partner that will help it deliver its products nationwide.
StarNet Insurance Company, an underwriting company for Berkley Accident and Health, will take on the paper for Buddy's core offering: Benefit payments up to $25,000 for covered, professionally treated injuries. The premium for a one-day plan starts around $9 in most states with annual plans starting at $47 per month.
Buddy distributes its products directly at buddyinsurance.com and through its partner API. The latter is available to experience providers as an add-on during checkout for participation.
"Today, more people are faced with sizable out-of-pocket medical expenses after an injury due to the rising cost of health care and deductibles," says Susan Clarke, President of the Special Risk Division at Berkley Accident and Health. "[Buddy's] product is designed
to help pay those unexpected costs so that outdoor enthusiasts can pursue their adventures more confidently.”
The COVID-19 pandemic has actually increased demand for outdoor actuvities, the companies note. "We are using technology to modernize and improve consumers’ access to great coverage at a time. when it’s more relevant than ever," Clarke added.