Program Spotlight
Program Spotlight:
Abacus Insurance:
Bringing professional know-how and a pioneering platform to film production and events coverage
Whether it’s the proverbial yell of “Lights ... camera ... action!” or bringing that dream wedding or other important gathering to life, film production and hosting special events both come with unique risks that need to be carefully navigated. Having appropriate insurance can bring some peace of mind regarding those risks. That’s where Abacus Insurance, Program Administrator for Zurich’s Film, TV and Video Production Insurance and Event Insurance programs, comes in.
Beyond their decades of deep specialty insurance knowledge, Abacus also boasts technological expertise increasingly important in this fast-moving, on-demand era. They were one of the first companies to fully automate and manage programs online. Working with his father and brother in this family-run business, Darren Lewin, Vice President – Programs for Abacus, helped launch an innovative, online insurance platform that made it immeasurably easier for brokers and agents to access, write and sell specialized insurance products.
“The concept is to empower the broker,” Darren said. “We give them best-in-class products and the tools they need. We want them to be providing solutions to the client, not grappling with process issues.”
While Abacus was ahead of the game in its user-friendly, automated platform, they did not rest on their laurels. The company is diligent in working to stay up to date as technology evolves at a rapid pace.
“It’s a constant process,” Darren noted. “The technology from the '90s has obviously been surpassed just as current technology is quickly surpassed by the next generation.”
Jim Buck, Zurich’s Program Manager who works with Abacus, has high praise for how the platform delivers for users.
“Abacus’ proprietary web-based platform facilitates the quote/bind/issue process in a ‘no-touch/low-touch’ manner,” Jim said. “It’s truly efficient in meeting needs of the targeted customers.”
Technological knowledge is vital in supporting brokers and agents, and in shaping coverages for these specialty markets. The Film, TV and Video Production program is not aimed at Hollywood blockbusters, but tailored for a diverse array of customers. Low- to medium-budget independent features and TV productions, commercials, documentaries, music videos, industrial films and educational programming are just some of the types of productions that can benefit from this program. Abacus developed the coverages with the recent major changes in the industry in mind.
For instance, where expensive helicopter shoots were once the main way to capture dramatic aerial footage, drones now allow smaller-budgeted productions to also show off impressive skylines and natural topography from high above. But more accessible technology still comes with many risk exposures to cast, crew, bystanders, property and equipment.
And traditional, longstanding risks of the trade also still need to be addressed. Even in the digital era, stunt work is a big part of filmmaking and it’s not restricted to action films. Commercials, music videos and many other productions sometimes require stunt work, and Abacus’ policies cover more than 60 types of stunts.
Special events may not involve stuntmen risking life and limb, but risk exposures abound, especially when you consider the variety of happenings that fall under the broad label of “events.” The Event Insurance program offered by Abacus and Zurich includes coverage for weddings, trade shows, festivals and fairs, holiday events, plays, concerts and shows, business meetings, parties and more. Single events, annual events, and vendors and exhibitors involved in those events all have coverage options under this expansive program.
While the types of events covered have not changed a lot over the years, there are great variances depending on the size of events, number of attendees, venue location, equipment and staff needed, among other factors. It’s the focus on these vital details that allows Abacus to continue to provide top-tier products to meet the myriad challenges for each kind of event.
Darren Lewin said he is seeing greater demand for film production and event insurance, partially driven by very different factors. The explosive growth in streaming platforms has created a need for more and more content, which has created an incredible number of opportunities for productions in the low and medium budget range. For events, he is still seeing a great appetite to organize events that may have been put off for a year or more following the peak of delays caused by the COVID-19 pandemic.
As the need for these coverages grows, Abacus can point to working with Zurich as one of the many advantages they have over competitors. Zurich’s financial strength is a big plus, but Darren emphasized an even bigger one.
“It’s consistency in the market and consistency in the way we operate with Zurich,” he said. “There is no doubt in brokers’ minds that what we write is a strong, long-term option in the market. That’s a big deal. To be in there as long as we have with Zurich speaks volumes.”
Jim Buck said Zurich benefits from “a very positive and open working relationship with mutual respect” in their collaboration with Abacus. “They bring the underwriting and systems expertise our Programs offerings are known for, and we provide them with the broad underwriting guidance and support to help them excel.”
Earlier this year, Abacus was acquired by Integrated Specialty Coverages, LLC (ISC). The acquisition allows Abacus to benefit from the capital resources and technical support of ISC as a parent company, while maintaining their organizational strength under the same leadership.
Matt Grossberg, CEO of ISC, shared his enthusiasm about Abacus and how its platform delivers for brokers.
“In addition to having Zurich as a partner, the ease-of-use brokers experience using Abacus's online platform is a tremendous benefit,” Matt said. “Within minutes, brokers can easily get the specialized coverage they need.”
Find out more about the programs featured in this article:
Film, TV and Video Production Insurance
Event Insurance
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9 PROGRAM LEADER