Insuritas, a US embedded insurance provider for financial institutions, has partnered with Recoop Disaster Insurance to add disaster insurance to its platform.
Through this strategic partnership, Recoop’s multi-peril insurance products will be integrated into Insuritas’ BUNDLE platform. This integration provides Insuritas’ financial institutions customers with greater opportunities to generate diverse recurring income streams through insurance services without relying on interest rates.
“Recoop’s innovative coverage covers where home insurance may fall short after a disaster,” the company said.
This policy provides a one-time cash payment of up to $25,000 in the event of a declared natural disaster, such as a hurricane (including storm surge), wildfire, tornado, earthquake, gas explosion, winter storm, or sandstorm.
In contrast to traditional home insurance or renters insurance, Recoop provides coverage for multiple natural disasters in one cash lump sum.
Payments are typically made within 48 hours, which is faster than traditional insurance, which can take more than 30 days to process and pay out to policyholders.
“This exciting development is just one important example of Insuritas’ commitment to providing diverse non-interest income to our financial institution partners,” said Jeffrey Chesky, President and CEO of Insuritas. said.
He continued, “For more than 20 years, BUNDLE has helped banks and credit unions provide essential insurance products that meet the needs of their customers. We are excited to add catastrophe insurance to our already comprehensive portfolio of insurance products. I am very happy to be able to do this.”
Darren Wood, Founder and Chief Product Officer of Recoop Disaster Insurance, said: “Insurance is an important but complex service, especially for new and innovative insurance products like Recoop.
“Joining the BUNDLE platform will allow us to bring our services to new audiences and show our customers how we are helping people rebuild and return to life faster after disasters. You can.”
