Reinsurance News

AXA XL partners with Vindati on Ocean Cargo insurance for SMEs

25th July 2019 - Author: Luke Gallin

The US Marine division of global re/insurer AXA XL has partnered with InsurTech Managing General Underwriter (MGU), Vindati, to offer Ocean Cargo insurance for SMEs through Vindati’s proprietary rate, quote, bind, issue online platform.

mergers and acquisitionsVindati offers specialty products and an integrated shopping experience for brokers and agents.

In addition to offering AXA XL’s Ocean Cargo coverage, Vindati also offers Contractors Equipment, Builder’s Risk, and Farm/Ranchowners packages, and has plans to offer Motor Truck Cargo, Warehouse Legal and other business coverages in the future.

Head of Ocean Cargo for AXA XL’s US Marine insurance team, Andrew D’Alessio, said: “With this partnership, we’re extending availability of our cargo coverage to a broader business base. Vindati’s online platform expands our distribution to Vindati’s relationships and gives our brokers, easy access to instant, customizable quotes to address their clients’ cargo insurance needs.

“Focusing on US cargo risks with an international exposure of $25,000,000 and less, businesses can now easily buy AXA XL cargo coverage and include inland transit and warehouse coverage as well.  With this partnership we have an attractive solution for a segment of the market that we ordinarily do not serve.”

Vindati Founder and Chief Executive Officer (CEO), Hugh Burgess added: “Our platform was built to address a clear need for solutions aimed at brokers who are serving small to medium sized businesses, giving them the ability to administrate higher volumes of policies cost effectively and efficiently. Not only does Vindati offer brokers speed and easy access, it provides insurance carriers, like the AXA XL companies, greater efficiency to deliver their coverages to a wide range of businesses for a variety of coverages.

“Using leading technology, integrated data and analytic tools, we’re helping brokers and carriers deliver bindable quote proposals and policies in mere minutes. We’re excited to be able to partner with AXA XL to expand their capabilities in this way and look forward to working together to reach a previously untapped market segment.”

AXA XL’s Head of Global Specialty Claims – North America, Conor Murray, added: “Combining Vindati’s automated quote to issuance capabilities with AXA XL’s streamlined First Notice of Loss claims reporting website and handling process is a winning solution for our brokers and insureds enabling faster payment of claims.”

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