VYRD is partnering up with Verisk to launch a new homeowner insurance venture in Florida.
The firm said that it was using Verisk’s LightSpeed for Homeowners platform to help streamline the process of obtain quotes for homeowners. Its initial focus, said the company, will be on those customers who are challenged with finding coverage for their home.
It said frequent catastrophe losses and a volatile legal environment, especially surrounding roof claims, have contributed to creating a difficult market for homeowners, agents, and insurers in Florida.
David Howard, chief executive officer of VYRD, said: “Verisk provides the cutting-edge, InsurTech solutions we need to maintain our policyholder-first mentality as we aim to set the new standard in home protection in an increasingly complex and challenging market.”
“We’re using Verisk tools to prefill applications as far as possible with the best data in the business, so we can give customers a better purchase experience that earns their trust and loyalty.”
VYRD was originally set up in December last year as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolt. At launch, VYRD was set to partner with over a dozen companies based in Florida or with deep roots in the state to provide services including actuarial rate development, underwriting, policy and claims administration and inspections.