Markets/Coverages: Brit Launches Digital Flood Product for US Market

Brit Group Holdings Limited announced the launch of Brit Flood, a new digital underwriting platform for brokers to help address the protection gap which exists in the US flood market.

“With floods occurring more frequently, the role of private insurance is becoming ever more critical in addressing the flood protection gap that exists in the US,” said Joanne Allen, class underwriter, in a statement. “Brit have been offering primary flood cover for over 13 years, and we saw a clear opportunity to provide a quicker and more flexible option to quote for residential flood insurance.”

Built on Brit’s in house technology platform, Brit Flood is able to offer instant quotes for primary US residential flood insurance. Using an API which connects agent’s platforms to Brit’s digital rating tool, coverholders are able to quote in less than 2 seconds, and seamlessly bind and cancel policies via the platform.

Brit Flood offers up to $1 million combined coverage and will include optional loss of rents, business interruption and building contents cover, as well as a range of deductibles. By using high quality risk data, Brit Flood is able to make informed decisions on rates and rules, and react quickly to market conditions, enhancing data accuracy and reducing manual processes, Brit said.

Brit Flood is available across 50 states, and includes rates for the coast, as well as surge cover.

“As brokers and coverholders increasingly move away from portals to API based solutions, Brit Flood will integrate with coverholder interfaces and allow them to manage client’s needs easily from one place, removing the need to login to multiple portals,” added Andy Bowers, managing director, programs & facilities.

Topics USA Flood New Markets