Brit launches new digital underwriting platform for US flood market
Brit Group Holdings Limited has revealed the launch of Brit Flood, a new digital underwriting platform for the US flood market.
Brit explained that the new development is built on its in-house technology platform and can offer instant quotes for primary US residential flood insurance.
“Using an API which connects agent’s platforms to Brit’s digital rating tool, coverholders can quote in sub-2 seconds, and seamlessly bind and cancel policies via the platform,” the firm explained.
Brit noted that the new platform will provide flexibility and speed to brokers, as well as help address the protection gap in the US flood market.
Offering up to $1 million combined coverage, Brit Flood will also include optional Loss of Rents, Business Interruption and Building Contents cover, as well as a range of deductibles.
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“By using high-quality risk data, Brit Flood is able to make informed decisions on rates and rules, and react quickly to market conditions, enhancing data accuracy and reducing manual processes,” Brit said.
Brit Flood is available across 50 states and includes rates for the coast, as well as surge cover.
Joanne Allen, Class Underwriter at Brit, commented, “With floods occurring more frequently, the role of private insurance is becoming ever more critical in addressing the flood protection gap that exists in the US.
“Brit has been offering primary flood cover for over 13 years, and we saw a clear opportunity to provide a quicker and more flexible option to quote for residential flood insurance. With the launch of Brit Flood, we are now able to bring increased speed and efficiency to the market, as more clients turn to private insurance to mitigate the risk posed by flood.”
Andy Bowers, Managing Director, Programs & Facilities, at Brit, said, “As we continue to invest in our technology strategy, we are committed to creating products that accelerate processes and provide seamless interactions for our clients.
“As brokers and coverholders increasingly move away from portals to API based solutions, Brit Flood will integrate with coverholder interfaces and allow them to manage client’s needs easily from one place, removing the need to login to multiple portals.”
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Brit Group Holdings Limited has revealed the launch of Brit Flood, a new digital underwriting platform for the US flood market. Brit explained that the new development is built on its in-house technology platform and can offer instant quotes for primary US residential flood insurance. “Using an API which connects agent’s platforms to Brit’s digital…