Insuritas, an US embedded insurance provider for financial institutions, has partnered with Recoop Disaster Insurance to add Disaster Insurance into its platform.
Through this strategic partnership, Recoop’s multi-peril disaster insurance product will be integrated into Insuritas’ BUNDLE platform. This integration will offer financial institution customers of Insuritas with expanded opportunities to generate diversified, recurring income streams through insurance services, independent of interest rates.
“Recoop’s innovative coverage picks up where home insurance may have gaps after a disaster,” the firm stated.
In the event of a declared natural disaster, such as a hurricane (including storm surge), wildfire, tornado, earthquake, gas explosion, winter storm, or dust storm, the policy provides a one-time cash payment of up to $25,000.
In contrast to conventional home and renters’ insurance policies, Recoop provides coverage for multiple natural disasters with one lump-sum cash benefit.
Payment will be made typically in 48 hours, more rapidly when compared with traditional insurance which can take upward of 30 days or much more to process and pay policyholders.
“This exciting development is just another key example of Insuritas’ commitment to provide diversified non-interest income for our financial institution partners,” said Jeffrey Chesky, President and CEO at Insuritas.
He added: “For over two decades, BUNDLE has empowered banks and credit unions to offer essential insurance products that meet their customers’ needs. We are extremely pleased to be able to add disaster insurance coverage to an already comprehensive portfolio of protection products.”
Darren Wood, founder and chief product officer of Recoop Disaster Insurance, stated: “Insurance is a critical, but complex service, especially for new, breakthrough insurance products like Recoop.
“Being part of the BUNDLE platform enables us to bring our services in front of new audiences, showing customers how we’re helping people rebuild and get back to life faster following a disaster.”
