NormanMax Insurance Solutions has expanded its parametric insurance platform to include commercial risks in Puerto Rico, offering quick and efficient hurricane protection for businesses. This innovative insurance model reduces traditional claim delays through rapid, transparent payouts based on predefined storm parameters. The initiative aims to help companies mitigate economic losses post-hurricane while providing customizable coverage options via a digital platform.
NormanMax Insurance Solutions (NMIS), a Lloyd’s coverholder, has broadened its NMIS Parametric Insurance Platform to address commercial risks in Puerto Rico. This initiative aims to enhance access for businesses seeking effective hurricane protection, recognizing the region’s ongoing challenges posed by severe weather events. By incorporating this service, NMIS strives to support companies in managing risk more effectively.
The parametric hurricane insurance offered by NMIS expedites the claims process by providing swift and transparent payouts based on predefined storm conditions, such as sustained wind speeds. This innovative approach minimizes the traditional delays associated with claims processing, offering a reliable alternative to conventional insurance methods.
Given Puerto Rico’s heightened vulnerability to hurricanes, securing prompt insurance payouts for storm-related damages has proven difficult. NMIS seeks to counter this by facilitating rapid payments immediately following hurricanes, thereby enabling businesses to mitigate economic losses effectively. Customizable coverage options will also be available, allowing brokers to tailor solutions to meet their clients’ specific needs.
Digital quoting and binding will be accessible through the NMIS Broker Portal, further simplifying the acquisition of coverage for brokers. Mark Groenheide, Chief Revenue Officer at NMIS, expressed the significance of this expansion in assisting businesses in high-risk areas, reinforcing the organization’s commitment to delivering clear and efficient disaster protection solutions.
With this new offering, brokers are empowered to obtain real-time quotes and bind policies for commercial risks based in Puerto Rico directly through the NMIS Parametric Insurance Platform. Additionally, it has been announced that the parametric flood insurance provider FloodFlash is set to be acquired by NormanMax Insurance Holdings.
In summary, NormanMax Insurance Solutions has successfully expanded its parametric hurricane insurance offerings to include commercial risks in Puerto Rico, aiming to improve the efficiency and reliability of hurricane protection for businesses. This expansion promises to provide rapid payouts, alleviate claim processing delays, and offer customizable coverage solutions, addressing the specific challenges faced by companies in the hurricane-prone region.
Original Source: www.reinsurancene.ws
