Life Insurance

Amwins expands online marketplace with residential flood coverage

Amwins expands online marketplace with residential flood coverage | Insurance Business America

New capability available in 21 states

Catastrophe & Flood

Terry Gangcuangco

Specialty insurance products and services distributor Amwins has added residential flood coverage to its Amwins InstantQuote (Amwins IQ) online marketplace, which offers instant quote-to-bind capability from multiple carriers plus access to Amwins’ expertise and support.

“Our aim is to provide a meaningful cross-section of the market and to deliver price and coverage transparency,” Amwins Access senior vice president Colin Tinley said. “Unlike other digital platforms, Amwins IQ doesn’t just offer straight-through policy processing.

“Retailers are able to engage with our experienced underwriters on more complex risks. And by delivering product density, retailers can streamline their operations by utilizing Amwins IQ as a comprehensive one-stop solution, eliminating the need to navigate multiple platforms or providers.”

Meanwhile, Tom Parsons (pictured), head of digital strategy at Amwins, highlighted that the addition of residential flood cover underscores the wholesaler’s commitment to providing more options and faster service.

“Our digital flood marketplace uniquely connects expert underwriters with user-friendly technology, leveraging a robust panel of quality flood markets,” Parsons went on to note.

According to Amwins, its underwriting team collectively has over 100 years of flood underwriting experience and has placed more than $40 billion in insurable values through its private market flood program.

Meanwhile, Amwins IQ also provides access to a variety of proprietary market offerings, including exclusive flood programs that the company said can compete with the National Flood Insurance Program (NFIP) and other private carriers.

The platform offers both NFIP and non-NFIP equivalent forms, giving agents multiple product options to adequately cover their clients’ assets, whether they need straightforward NFIP equivalent policies or more comprehensive homeowners’ policies.

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