London Underwriters Teams Up with NormanMax to Enhance Parametric Insurance Solutions
In an exciting move for the insurance industry, London Underwriters (LU) has teamed up with NormanMax Insurance Solutions (NMIS) to enhance access to parametric insurance solutions for natural disasters, including hurricanes and earthquakes. This partnership aims to transform how agents provide coverage in vulnerable regions, making insurance both more efficient and accessible.
Innovative Partnership for Parametric Insurance
The collaboration between LU and NMIS is designed to extend the reach of parametric insurance products to agents nationwide. This initiative is backed by InsurTech Insights, emphasizing the shared goal of expanding availability and accessibility for agents.
Streamlined Process with LU ONE
By integrating NMIS’s cutting-edge parametric products into the LU ONE platform, agents will experience a more streamlined process for offering and utilizing these innovative solutions. The platform is designed with a user-friendly interface, ensuring that agents can efficiently access and manage various insurance products.
- Rapid access to parametric insurance solutions
- Enhanced claims processing speed
- Comprehensive coverage options for clients
Benefits of Parametric Insurance
Parametric insurance offers a transparent alternative to traditional models, especially for natural disasters. Key benefits include:
- Quick Claims Process: Claims are settled based on predefined parameters, reducing the time needed for assessment.
- Custom Coverage: Tailored insurance solutions for specific natural disasters.
- Transparency: Clear terms and conditions enhance understanding for both agents and clients.
Expert Insights on the Collaboration
Mark Groenheide, Chief Revenue Officer of NMIS, expressed his enthusiasm: “We are thrilled to join the LU ONE platform, extending our tailored parametric solutions to agents nationwide.” He highlighted the alignment of both companies’ missions to provide customized coverage for natural disasters.
Daniel Feigenbaum, CEO of London Underwriters, also praised the partnership, stating: “Not only is their quote turnaround time unbelievably fast, but they are also incredibly helpful in providing different options for our submission. NormanMax is definitely our first and best option when it comes to parametric insurance.”
Conclusion
This strategic alliance between London Underwriters and NormanMax Insurance Solutions represents a significant step forward in enhancing the insurance landscape for natural disasters. By leveraging technology and innovative products, they are set to provide agents with the tools necessary to better serve their clients in high-risk areas.
For more information about parametric insurance, you can visit Parametric Insurance.
