Specialist managing general agent (MGA) Plum Underwriting has entered into a strategic partnership with insurtech company Open GI and risk analytics firm Verisk.
In a joint statement, the three firms said that their collaboration will "combine underwriting, technology, and enrichment expertise to bring to market an enhanced home insurance offering for brokers.”
Read more: Open GI welcomes director of new business
“The first development centres around flood data, and by utilising data enrichment, the initiative will identify unique property specific flood risks at point of quote to provide an immediate underwriting decision and price,” the firms said in their statement.
David Whitaker, managing director of Plum Underwriting, said that he was “delighted to engage in a strategic relationship with these forward-thinking brands.”
“After listening to our brokers, we believe the collaboration is a perfect fit to drive forward an even wider specialist home insurance appetite and allow end consumers access to flood risk protection where it is needed most,” said Whitaker. “We are looking forward to strengthening and developing our proposition further to drive forward Plum’s ongoing innovation centred around data and technology and are actively engaged in the delivery of the next phase of flood insurance solutions.”
Simon Badley, group chief executive officer of Open GI said that the partnership was “engineered to drive forward innovation for the home insurance market.”
“Our role at Open GI will be to support the new proposition with our IHP Plus application so we can add clear business value from start to finish,” said Badley. “We look forward to this collaboration and aim to work together to reach a common goal of delivering a top-notch home offering for the market.”
Finally, Alex Croydon, managing director, general insurance UK, at Verisk, said that he was “excited to work with Plum Underwriting and Open GI in delivering highly granular, address-level flood data in real time.”
“It will provide home insurers with a more informed view of flood, giving them more confidence to underwrite risks they may have otherwise been hesitant to take on,” said Croydon.
