Adaptive Insurance, a provider of parametric insurance solutions, has partnered with specialty insurer Tokio Marine HCC on GridProtect鈥攁n 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鈥攙erified trigger events, agreed-upon payments, and fast claims processing鈥擜daptive 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 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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