Great American Insurance forge MGA partnership with Hourly
Great American Insurance has announced its MGA collaborative partnership with Hourly.io. The workers’ comp and payroll startup.
As a longstanding player in the insurance industry, Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
The company provides insurance products and services aimed primarily at the property and casualty insurance markets and focuses on specialty commercial products for businesses. The relationship will bring together Hourly’s leading-edge technology and Great American’s established credibility to better meet the needs of more clients.
Hourly.io will be able to expand through Great American Insurance partnership
According to reports, Hourly.io is expanding its reach through a collaboration with Great American Insurance Group, where Hourly will serve as a managing general agent (MGA), “leveraging its underwriting expertise and unique workers’ compensation and payroll technology with Great American’s well-established reputation.” it said, in a recently released statement.
Earlier this year, Hourly revealled that it expanded its $27M Series A to $32M. The Series A was led by Glilot Capital Partners with participation from S Capital, Vintage Investment Partners, J-Ventures, Upshot Ventures, MS&AD and Sienna VC.
Founded in 2018, Hourly provides a full-service platform that connects workers’ comp, time tracking, and payroll in real-time for small and medium-sized business owners with hourly workers,
It’s innovative business model sees that premiums are calculated using real-time data analytics. Hourly is currently the only insurtech in the industry to bridge the gap between workers’ comp, payroll, and time and attendance.
Great America Insurance to benefit from technology partnership
Speaking about the new partnership, Richard Suter, divisional president, Great American Alternative Markets, said, “We’re excited to build on our collaboration with Hourly,” said. “Both Hourly and Great American Insurance Group share the same commitment to helping these businesses protect their employees. We are impressed with the cutting-edge technology Hourly will bring to Great American and the team’s first-rate underwriting abilities.”
Hourly co-founder and CEO Tom Sagi added, “Great American is the perfect match for Hourly’s next stage of evolution. We’re excited to align with them and help small businesses gain better insights into their exact labor costs and provide them with better tools to manage those costs, including workers’ comp premiums.”