NormanMax Insurance Solutions has expanded its parametric insurance platform to Puerto Rico, providing commercial businesses with enhanced hurricane protection. This new initiative enables rapid payouts triggered by specific storm parameters, aiming to alleviate delays in claims processing. The move addresses the unique challenges faced by Puerto Rico in securing timely insurance payouts for storm-related losses and offers brokers the ability to customize coverage options through digital quoting.
NormanMax Insurance Solutions (NMIS), a Lloyd’s coverholder and provider of parametric re/insurance solutions, has expanded its NMIS Parametric Insurance Platform and Broker Portal to encompass commercial risks in Puerto Rico. This initiative provides local businesses with reliable hurricane protection, effectively addressing the specific challenges brought about by severe storms in the region.
The parametric hurricane insurance offered by NMIS aims to reduce or even eliminate traditional claims processing delays by delivering rapid and transparent payouts. These payouts are triggered by predefined storm parameters, such as sustained wind speeds at a defined location, following a simplified proof of loss and an efficient claims process.
Given Puerto Rico’s vulnerability to hurricanes and tropical storms, securing timely insurance payouts for storm-related damages has presented significant challenges. The primary objectives of this expansion include ensuring speedy payments to mitigate economic losses post-hurricane, providing coverage that promptly addresses these losses, and offering customizable options for brokers to tailor solutions to their clients’ needs. Furthermore, brokers can now utilize digital quoting and binding directly through the NMIS Broker Portal for seamless access to coverage.
Mark Groenheide, Chief Revenue Officer at NormanMax Insurance Solutions, emphasized the importance of this expansion, noting, “Expanding our online parametric hurricane insurance to Puerto Rico is an important step in closing the protection gap for businesses operating in high-risk regions.” He further stated, “We are committed to providing commercial policyholders with a transparent and efficient alternative to address the natural disaster protection gap for hurricanes, enabling them to have the opportunity to recover quickly after a storm.”
Brokers are now able to access real-time quoting and binding for commercial risks in Puerto Rico through the NMIS Parametric Insurance Platform. Additionally, NMIS recently reached an agreement to acquire FloodFlash, a parametric flood insurance provider that utilizes sensor technology.
In summary, NMIS’s expansion of its parametric hurricane insurance platform to Puerto Rico addresses critical insurance challenges faced by local businesses. By offering rapid payouts and streamlined claims processes, NMIS aims to mitigate economic losses caused by hurricanes. Furthermore, the commitment to provide customizable options ensures that brokers can meet their clients’ diverse needs effectively. Overall, this initiative represents a significant advancement in hurricane risk management for Puerto Rican businesses.
Original Source: www.reinsurancene.ws
