Otso's technology is used to make decisions for prospective tenants, and it examines over 800 credit variables, including exclusive banking history, to enable most applications to be activated in minutes.
FREMONT, CA: Otso and Assurely, two Texas-based startups, have teamed up to provide first lease security insurance to the commercial real estate industry. The policies are backed by Accelerant, an AM Best A- (Excellent) certified company whose technology enables MGUs to service SMBs more effectively and confidently. The ground-breaking insurance helps landlords to drastically decrease leasing risks while saving commercial property tenants vital funds when leasing space for their enterprises.
"I have seen this story before ... and it's big," stated Ty Sagalow, Assurely's co-founder and Chief Insurance Officer and one of Lemonade's founding members. "The commercial real estate industry is rapidly changing and adjusting to new market demands. Assurely was built for just such times; it's where we shine. As the program's Managing General Underwriter, we are thrilled to partner with Otso, Accelerant, and key CRE players to enable landlords and tenants to succeed in such a changing environment."
The lease insurance offered by the program is the first A-rated, multi-year policy for commercial real estate securitization that offers a fully digital experience. Otso's technology is used to make decisions for prospective tenants, and it examines over 800 credit variables, including exclusive banking history, to enable most applications to be activated in minutes.