Youngstown’s innovation narrative gets a new chapter his week. Risk Management Technologies (RMT), a Youngstown Business Incubator
(YBI) startup that helps insurance agencies grow sales while mitigating the risk of lawsuits through its software, has announced a partnership with Utica National Insurance Group. Insurance agencies that rely on Utica National for Errors and Omissions (E&O) insurance coverage can use RMT’s patent pending Coverage Review List (CRL) web application to educate potential clients about available coverage options and by doing so, may qualify for up to 5% credit on Utica National E&O premiums.
Daniel Luketic, President of RMT, explains how this works in layman’s terms. “This news is a big deal because our market is independent insurance agencies. Agencies purchases our CRL application. These agencies pay thousands a year in E&O premiums to insure their agencies against E&O lawsuits.”
Think professional liability insurance for the insurance agents.
“Part of our benefit that we can now offer independent agents is hundreds, possibly thousands of dollars of savings on these premiums, now that Utica National has approved our product to qualify for the 5% credit," Luketic continues. "Also, Utica National provides us access to a huge percentage of the independent agencies nationwide, because they have approximately 11,000 independent agencies relying on their E&O program, and all of these agencies are interested in opportunities to save on their premiums.”
The partnership is the result of a two-year journey.
“In 2010, I began to spend time at the Youngstown Business Incubator, exploring options to start a company of my own or join an early stage company,” explains Luketic, who claims he was bitten by the “entrepreneurship bug” during his senior year at Mount Union in Business Administration. YBI provided the networking Luketic needed to get started in a career of entrepreneurship. “I was introduced to Philip Kilpatrick II, an independent insurance agent from Canfield, Ohio who had been working on a prototype for a web application for insurance agents.”
The result was Coverage Review List
, proving YBI’s invaluable role to the company’s success.
“YBI is an excellent place to launch a company,” proclaims Luketic, adding, “The ability to lean on other tech entrepreneurs in the building is incredibly beneficial.”
Source: Daniel Luketic
Writer: Joe Baur