Ascendant Insurance Solutions: A Comprehensive Review

Company Overview

Company Overview

Ascendant Insurance Solutions operates as a licensed Managing General Agency in Florida, with a keen focus on both commercial and personal insurance products. Established in 2009, the company has successfully facilitated over $1 billion in written premiums for the Florida insurance market, a testament to its robust presence and reliability.

The company’s strategic focus on the Hispanic market enhances its appeal to this demographic, providing bilingual sales and service to meet the specific needs of Hispanic business owners and individuals. This targeted approach has not only set Ascendant apart from its competitors but has also earned it significant recognition. Ascendant Commercial Insurance, associated with the company, ranks #12 among the largest Hispanic-owned businesses in South Florida, underscoring its market influence.

• Ascendant Insurance Solutions focuses on serving the Hispanic market with bilingual services, offering a range of commercial and personal insurance products.
• The company has facilitated over $1 billion in written premiums since its establishment in 2009, showcasing its strong market presence in Florida despite some limitations, such as the absence of an AM Best rating.
• Ascendant’s extensive distribution network and tailored insurance solutions provide significant advantages, though customers have reported occasional long wait times for support.

Moreover, Ascendant represents both admitted and non-admitted insurance carriers, which broadens its offerings in both personal and commercial lines. This dual representation allows the company to provide a comprehensive range of insurance solutions, from general liability to niche markets like hospitality and aviation, ensuring that clients receive coverage that is both broad and tailored to their specific needs.

Financial Stability

Financial Stability

When it comes to financial stability, Ascendant Insurance Solutions demonstrates several key strengths. The company places a strong emphasis on risk management and safety, ensuring that clients are well-protected against potential losses. Their strategic emphasis on providing management reports and utilizing technology to enable better financial oversight is commendable.

However, like any business, Ascendant faces its challenges. The lack of an AM Best rating can make it difficult for potential clients to gauge the company’s financial strength accurately. This absence of a widely recognized rating could be a concern for those who prioritize financial stability in their insurance providers. Nevertheless, Ascendant’s performance in real-life scenarios, such as its efficient claims process and responsive customer service, offers a degree of reassurance.

The company’s commitment to class risk management and safety and loss control measures highlights its dedication to maintaining a stable financial footing. These practices not only protect clients but also contribute to Ascendant’s overall financial health, making it a reliable choice for those within its service areas.

Products and Packages

Products and Packages

Business Insurance

Workers' Compensation

Provides coverage for medical expenses and lost wages for employees who are injured on the job.

Commercial Auto

Covers vehicles used for business purposes, protecting against damages and liabilities.

Commercial Auto Physical Damage

Specifically covers physical damage to commercial vehicles, such as collision or comprehensive coverage.

Commercial Auto Hard to Place

Designed for businesses with unique or high-risk commercial auto needs that may be difficult to insure through standard policies.

Motor Truck Cargo

Protects businesses against loss or damage to cargo transported in commercial vehicles.

Businessowners Policy (BOP)

Combines property, liability, and business interruption coverage into a single policy for small to medium-sized businesses.

Commercial Package Policy

Offers a customizable package of coverages, including property, liability, and other business-related risks, tailored to specific business needs.

Offices

Tailored insurance for office-based businesses, covering property, liability, and other potential risks.

Restaurants & Cafes

Provides specialized coverage for restaurants and cafes, including property, liability, and food spoilage.

Retail

Offers insurance solutions for retail businesses, protecting against property damage, liability, and other risks.

Shopping Centers

Provides comprehensive coverage for shopping centers, including property, liability, and tenant-related risks.

Lessors Risk

Insurance for property owners who lease their premises to others, covering liability and property damage.

General Liability

Protects businesses against claims of bodily injury or property damage caused to third parties.

Excess Liability

Provides additional liability coverage beyond the limits of primary insurance policies.

Garage

Specifically designed for businesses involved in vehicle repair, servicing, or sales, covering liability and property risks.

Excess Dealers Open Lot

Provides extra coverage for vehicle dealers' inventory parked in open lots.

Excess Garagekeepers Legal Liability

Extends coverage for legal liabilities incurred by garagekeepers for damage to customers' vehicles.

For Hire Transportation

Insurance for businesses providing transportation services for hire, covering liability and other risks.

Cyber Liability

Protects businesses against financial losses resulting from data breaches and cyberattacks.

Directors & Officers Liability (D&O)

Covers the personal liability of directors and officers for wrongful acts committed in their managerial capacity.

Fiduciary Liability

Protects fiduciaries, such as trustees and administrators, against claims of mismanagement of employee benefit plans.

Employer Practices Liability Insurance (EPLI)

Covers businesses against claims of wrongful employment practices, such as discrimination or wrongful termination.

Management Liability Solution (Including Crime)

Offers a comprehensive solution for management-related risks, including crime, D&O, and EPLI.

Nonprofit D&O Liability

Specifically designed for nonprofit organizations, covering the liability of their directors and officers.

Nonprofit Organization

Offers a range of insurance solutions tailored to the needs of nonprofit organizations.

Professional Liability

Protects professionals against claims of negligence or errors and omissions in their professional services.

Lumber Specialty

Specialized insurance for businesses in the lumber industry, covering unique risks associated with lumber operations.

Builders Risk

Covers buildings and structures under construction against damage from various perils.

Contractor Equipment Floater

Protects contractors' equipment and tools against damage or theft.

Commercial Monoline Property

Provides standalone property insurance coverage for commercial buildings and assets.

Umbrella

Offers additional liability coverage beyond the limits of underlying policies.

Aviation

Provides insurance solutions for aviation-related risks, including aircraft liability and physical damage.

Lawyers Professional Liability

A type of liability coverage designed to protect attorneys against liability incurred as a result of errors and omissions in performing their professional duties.  

Personal Umbrella

Type of insurance designed to add extra liability coverage over and above another insurance policy, such as auto or homeowners insurance.

Personal Lines

Apartments

A package insurance policy that provides both liability and property coverage for businesses and other organizations. This policy has a range of coverages and limits, allowing a business additional flexibility in tailoring their coverage to its specific needs.  

Dwelling

Insurance policy suited for rental properties or non-owner occupied homes.

Homeowners

Form of property insurance covering losses and damages to an owner-occupied home and to the personal property of the insured. It also provides liability coverage against accidents in the home or on the property.  

Flood

Insurance policy providing coverage to a dwelling for losses sustained by water damage, as it specifically relates to flooding. Flood is available for residential dwellings as well as commercial buildings.  

Animal Liability

Provides coverage for liability arising from incidents involving animals.

Yacht Insurance

Boat insurance for personal watercraft, yachts and wet charters. Provides worldwide coverage for Hull and Machinery, Personal Property, and Liability coverage in addition to customizable coverages and deductible options.

Pricing & Premiums

Pricing and Premiums

Ascendant Insurance Solutions has facilitated over $1 billion in written premium since its establishment in 2009, a clear indicator of its market presence and trust among clients. On average, the company has generated approximately $83 million in premiums annually, showcasing its consistent growth and appeal within the insurance sector. The company’s focus on the Hispanic market within the business and personal insurance sectors further underscores its commitment to serving this demographic with tailored insurance solutions.

The inclusion of both admitted and non-admitted insurance carriers in Ascendant’s portfolio ensures a robust offering in personal and commercial lines. Ascendant represents admitted carriers, which account for 60% of their business, while non-admitted carriers make up the remaining 40%. This diversity allows them to cater to a wide range of clients, although it’s essential to compare their pricing and premiums with other providers in the Florida marketplace to ensure the best value

Discounts and Credits

Discounts and Credits

Ascendant Insurance Solutions differentiates itself with a range of commission incentives and rewards aimed at fostering business growth among its agency partners. These incentives include competitive commission rates and weekly rewards, making Ascendant an attractive choice for insurance agents eager to expand their business portfolios.

Throughout the year, Ascendant hosts various travel promotions and special programs to motivate agency partners in placing and retaining new business. For instance, top-performing agents are eligible for exclusive trips to destinations such as the Caribbean or Europe as a reward for their efforts. These incentives not only strengthen the relationship between Ascendant and its partners but also contribute significantly to the company's growth and success in the competitive insurance market.

Additionally, Ascendant offers credits for policy renewals and multi-policy discounts, encouraging clients to consolidate their insurance needs with the company. This approach not only enhances customer loyalty but also provides clients with cost-effective insurance solutions tailored to their specific requirements.

Eligibility & Underwriting Requirements

Eligibility and Underwriting Requirements

The eligibility and underwriting process at Ascendant Insurance Solutions is meticulously crafted to ensure clients receive coverage that aligns with their specific needs and risk profiles. Here’s a detailed breakdown of what applicants can expect:

1. Underwriting Criteria:
   • Ascendant requires applicants to meet specific underwriting criteria, which may include financial stability, business operations, and loss history.
   • Industries with higher risk profiles, such as construction or transportation, may face more stringent requirements.
2. State-Specific Requirements:
   • Eligibility for insurance products can vary based on state regulations. For example, certain commercial auto policies might only be available in Florida.
   • Ascendant ensures compliance with state-specific laws, which can affect the availability of certain coverage options.
3. Product Availability:
   • Some insurance products, like specialized niche market coverage, may not be available in all jurisdictions, impacting eligibility.
   • Non-admitted carrier options might be limited to specific regions, offering more flexibility but requiring careful consideration of state guidelines.
4. Application Review Process:
   • Every application undergoes a thorough review by Ascendant’s underwriters to assess associated risks and ensure appropriate coverage.
   • This includes evaluating the applicant’s risk management practices and safety protocols.
5. Approval and Coverage:
   • Approval is contingent upon meeting all underwriting criteria, and merely submitting an application does not guarantee coverage.
   • Clients are encouraged to maintain transparent communication with Ascendant’s team to facilitate a smooth underwriting process.

Application Process

Application Process

Applying for insurance with Ascendant Insurance Solutions is a straightforward process, facilitated by their use of online quoting tools and an efficient application system. Here’s a detailed step-by-step guide to help prospective clients navigate the process:

1. Initial Contact:
   • Begin by reaching out to Ascendant Insurance Solutions via phone or email. This initial contact will help you discuss your insurance needs and gather preliminary information.
2. Agent Portal Access:
   • Once contact is made, clients are guided to the Agent Portal where necessary information is entered to generate quote estimates. This portal is user-friendly and designed to streamline the application process.
3. Quote Generation:
   • The information provided is used to generate customized quote estimates. These quotes are tailored to meet the specific insurance needs of the client, whether for commercial or personal lines.
4. Underwriting Review:
   • Ascendant's underwriters then meticulously review the applications to assess associated risks. This step ensures that all potential risks are evaluated, and appropriate coverage is determined.
5. Approval Process:
   • After the underwriting review, applications are either approved or further inquiries are made if additional information is required. This thorough process ensures clients receive tailored insurance solutions that align with their specific needs.
6. Policy Issuance:
   • Upon approval, the insurance policy is issued. Clients receive detailed documentation outlining coverage specifics, terms, and conditions.
7. Ongoing Support:
   • Ascendant provides continuous support through their dedicated team, ensuring that clients have access to assistance and can make adjustments to their policies as needed.

Customer Reviews & Service

Customer Reviews and Service

Customer feedback for Ascendant Insurance Solutions is generally positive, with many praising the company’s responsive customer service and knowledgeable representatives. The efficiency of the claims process is another highlight, with numerous clients reporting satisfaction compared to competitors.

However, there are some areas for improvement. Some customers have complained about long wait times during peak hours when contacting customer support. Despite these occasional issues, the overall feedback reflects a company committed to providing clear and transparent information, which is appreciated by its clientele.

The mixed range of customer experiences suggests that while Ascendant excels in many areas, there is still room for improvement. Nonetheless, the company’s dedication to service quality and client satisfaction remains evident.

How to Make a Payment

How to Make a Payment

Making a payment with Ascendant Insurance Solutions is designed to be a hassle-free experience. Clients can easily set up their payment methods and manage their accounts through the company’s online portal, ensuring that all transactions are secure and straightforward. This convenience is particularly beneficial for busy business owners who need efficient financial management solutions.

Here's a step-by-step guide to making a payment:

1. Access the Online Portal:
   • Visit the Ascendant Insurance Solutions website and log in to your account using your credentials.
2. Navigate to the Payments Section:
   • Once logged in, go to the 'Payments' section, where you can view your billing information and payment history.
3. Choose a Payment Method:
   • Select your preferred payment method. Options typically include credit/debit card, electronic funds transfer (EFT), or ACH payments.
4. Enter Payment Details:
   • Input the required details for your chosen payment method. Ensure that all information is accurate to avoid payment delays.
5. Review and Confirm:
   • Double-check the payment amount and details before confirming the transaction. This step is crucial to ensure accuracy.
6. Receive Confirmation:
   • After the payment is processed, you will receive a confirmation email or notification within the portal. Keep this for your records.
7. Set Up Automatic Payments (Optional):
   • For added convenience, consider setting up automatic payments to ensure timely transactions and avoid lapses in coverage.

How to File a Claim

How to File a Claim

Filing a claim with Ascendant Insurance Solutions is a streamlined process, facilitated by their advanced online quoting tools and dedicated claims management system. Here's a step-by-step guide to ensure your claim is processed efficiently:

1. Initial Contact:
   • Reach out to Ascendant via phone or email to report your claim. This initial step is crucial for documenting the incident and initiating the claims process.
2. Documentation Submission:
   • Gather and submit all necessary documentation related to the claim. This may include photographs, police reports, and any other relevant evidence to support your case.
3. Claims Assessment:
   • Ascendant will conduct a thorough assessment of the submitted documents. Their team will evaluate the details of the incident to determine the validity and scope of the claim.
4. Claims Resolution Solutions:
   • Ascendant's efficient claims resolution solutions come into play, ensuring that the process is handled swiftly and fairly. They prioritize customer satisfaction by providing timely updates and clear communication throughout the process.
5. Settlement Offer:
   • Once the assessment is complete, Ascendant will provide a settlement offer. This offer is based on the coverage and the specifics of the claim, ensuring that clients receive a fair resolution.
6. Finalization:
   • Upon agreement, the claim is finalized, and the settlement is processed. Ascendant's commitment to efficient claims management ensures that clients receive their settlements promptly.

Key Competitors

Key Competitors

In the competitive landscape of insurance, Ascendant Insurance Solutions faces several noteworthy competitors that offer a range of services catering to diverse client needs. Understanding these competitors provides insight into the broader insurance market and helps identify the unique strengths of Ascendant Insurance Solutions.

1. Adhara:Adhara stands out in the financial services sector with its specialized focus on managing digital cash and facilitating international payments. Targeting commercial and central banks, Adhara leverages decentralized finance solutions to offer innovative financial services. This focus on digital payments positions Adhara as a significant competitor, particularly in the realm of financial transactions and international commerce.
2. ArcaPay:ArcaPay is a notable competitor that provides tailored solutions for currency conversion and international payment processing. By offering competitive exchange rates and a user-friendly platform, ArcaPay appeals to businesses seeking efficient and cost-effective currency management solutions. Their emphasis on transparency and customer service resonates with clients looking for reliable financial partners.
3. NaviHedge:NaviHedge offers robust international payment processing services, making it a formidable competitor in the financial services industry. Their expertise in handling complex payment structures and providing comprehensive financial solutions positions them as a preferred choice for businesses engaged in global trade. NaviHedge's commitment to innovation and client-centric services further enhances their competitive edge.

Conclusion

Wrapping Up

Ascendant Insurance Solutions has solidified its position as a leading provider of commercial auto insurance and workers’ compensation in Florida. With over $1 billion in written premiums since its establishment in 2009, the company has demonstrated significant market presence and reliability.

While it faces challenges like the absence of an AM Best rating and limited service area, Ascendant’s focus on the Hispanic market and its comprehensive range of insurance products make it a compelling choice for many businesses and individuals.

Comparing alternatives and assessing unique services and pricing structures is essential to make an informed decision.