Adaptive Insurance, a provider of parametric insurance solutions, has partnered with specialty insurer Tokio Marine HCC on GridProtect—an insurance product for short-term power outages.
The flagship product from Adaptive, which says it is building an AI-driven platform to businesses create resilience against climate and weather-events, will be available in 18 states
Using the simplicity of parametric insurance—verified trigger events, agreed-upon payments, and fast claims processing—Adaptive said GridProtect is designed to provide immediate financial relief for businesses impacted by short-duration power outages. It will be available in: Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Minnesota, Missouri, New Jersey, Nevada, New York, Pennsylvania, Texas, Utah, and Wisconsin.
The footprint represents about 2.4 million small- to medium-sized enterprises and 53% of all commercial businesses in the U.S., which sees power outages costing businesses over $150 billion each year.
Adaptive Insurance plans to expand geographically and across additional parametric product lines by its second year, which will see it serve nearly 80% of small- to medium-sized enterprises in the U.S.
Mike Gulla, CEO and co-founder of Adaptive Insurance, says the product’s rollout will be driven by distribution partnerships, providing a product that addresses a problem affecting the entire U.S, and a risk-spreading strategy that benefits both customers and reinsurers.
SOURCE: Adaptive Insurance
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