Flooding has become more frequent, with more than half of Americans twice as likely to face a 1-in-100 year precipitation event than previously modelled. And it’s not just hurricanes causing the flooding. Severe convective storms, atmospheric rivers and torrential rains are devastating communities across the U.S. and leaving billions in damages in their wake. At the same time, flood continues to be one of the most cumbersome risks to place in today’s property and casualty marketplace. Retail agents must navigate a complex and ever-changing market that many agree offers too few options for clients.
One Size Does Not Fit All
Choice has been a missing component in the flood insurance space for a long time. And as a peril that requires expertise, retailers often struggle with moving quickly enough to capitalize on opportunities – especially more complex risks that require a thorough assessment.
Placement can be an overall manual process that takes control away from the retailer. As such, retailers often choose to work with the markets they trust to guide them in making the best decisions for their clients while also trying to find the best price – potentially missing out on the speed and quoting efficiency of a digital platform.
Clients also want things fast and online portals can meet that need. Most personal lines portals offer straight-through policy processing, placing small risks directly via an online marketplace. Only Amwins offers access to human underwriters through its digital platform, Amwins InstantQuote (IQ).
This robust platform gives retailers the best of both worlds, handling difficult-to-place risks that require underwriter support and guidance without getting in the way on accounts retailers can handle independently. Amwins IQ empowers retail agents to make the best decisions for their clients within a platform that’s easy to understand and use.
Amwins IQ: A One-Stop Shop for Flood Risk
Amwins IQ does the heavy lifting of quoting multiple products, coverages and programs, consolidating multiple offers into a single, easy-to-read live comparison page on the platform. Agents can instantly view these bindable options to compare pricing, limits, deductibles and coverages easily.
Amwins IQ makes the flood insurance transaction process as seamless and easy as possible. The platform aims to address pain points and put the retail agent and their clients in control of the transaction. Agents can feel confident about getting their clients what they need when they need it, no matter how coverage-sensitive the insured is.
Amwins IQ provides a multitude of options to best cover a client’s assets, whether it’s a policy as stripped down as an NFIP (National Flood Insurance Program) policy or as broad as a typical homeowner’s policy. And retail agents control the pace of the transaction, moving quickly enough to capitalize on opportunities with self-serve functions that better the overall experience. The platform removes needless friction from the sales process while also providing best-in-class underwriter and customer support.
Expertise, Flexibility and Choice
As this new capability is being rolled out across the U.S., with all 50 states expected to have access to flood risk on Amwins IQ by end of year, retail agents can rely on Amwins’ highly experienced underwriting team.
Our team of underwriters collectively boasts more than 100 years of flood underwriting experience (both domestic and through Lloyd’s) and deep agency relationships. Together, they have placed more than $40 billion of flood insurance through our private market program.
Amwins underwriters are the best in the game, with access to a multitude of markets, including exclusive programs that can compete with both the NFIP and other private carriers. For more information on Amwins IQ, click here.
