For Immediate Release
Cloudbridge Secures Key Insurtech Patent
PORTSMOUTH, NH, November 4, 2019 – Cloudbridge LLC is pleased to announce the issuance of its first patent by the United States Patent and Trademark Office (Patent No. 10,453,148), dated October 22, 2019. Cloudbridge is a data management company specializing in providing digital solutions for the property and casualty insurance market. The patent pertains to the gathering and structuring of underwriting data, supplementing it with third-party sources and then electronically transmitting it to multiple prospective carriers in a live environment. Better underwriting information passed along to multiple carrier platforms results in more cost-efficient pricing.
Cloudbridge is committed to supporting the independent insurance agent. “Intellectual property is critical to our mission of bringing innovation to agents and modernizing the insurance transaction for both agents and insureds,” said Brian Murphy, Managing Principal at Cloudbridge. The property and casualty line is undergoing a unique transformation. “Consumers are seeking convenient ways to purchase coverage online. Yet they still want the professional advice of a licensed agent,” according to Murphy. “Cloudbridge’s mobile technology empowers agents to be in the field where they can deliver a combination of convenience and advice to the consumer, and improved underwriting accuracy to the carriers.”
The Cloudbridge solution has been in the field since 2017 supporting a pilot initiative for a Fortune 100 insurance company subsidiary. “We’ve seen over $10 million in small commercial premium come through this digital channel. We know the mobile application will accelerate industry transformation,” said Murphy. “This patent and companion technology has Cloudbridge positioned to drive that change.”
Cloudbridge is a New Hampshire based company, with offices on the Seacoast. In addition to data management services Cloudbridge develops and hosts websites. Its website division represents independent agents with collective annual premiums well over $500 million. “We pride ourselves on offering clean websites, concierge level service, at a low price,” said Chris Eldridge, Director of Operations. “Being the face of an agency is important. The company’s goal is to build trust and confidence throughout the engagement, starting with that first click and ending with a modernized transaction,” added Murphy.
Cloudbridge is beginning a new round of product development and licensing discussions with strategic players on both sides of the property and casualty transaction.