Appointed Agents Can Access FloodPlus and Rate-Quote-Bind Risks Instantly; Backed by Industry Leading Expertise from the Burns & Wilcox Flood Practice
FARMINGTON HILLS, MICH. (August 14, 2024) — Burns & Wilcox, a globally recognized leader in wholesale insurance brokerage and underwriting, today announced the availability of the Hiscox FloodPlus product through Burns & Wilcox IssueQuick, its proprietary and automated rate-quote-bind-issue platform.
“Despite its recurrence and increased severity, flood exposure represents the largest segment of underinsured and uninsured risk in the U.S.,” said Brad Turner, Burns & Wilcox Vice President & National Product Manager, Flood. “Hiscox FloodPlus provides an important solution backed by one of the largest Lloyd’s syndicates. Utilizing a unique Flood API, FloodPlus pairs cutting-edge risk modeling with claims data, alongside the broadest primary flood coverage form in the marketplace.”
The product is able to provide coverage for a large segment of the U.S. flood risk, spanning residential dwellings and commercial buildings. With its availability now on the Burns & Wilcox IssueQuick platform, retail insurance brokers and agents can now manage policies directly, which includes seeking quotes for new business, securing renewals, adding endorsements and ultimately issuing the policies.
“As flood risk becomes an increasing concern across the country, Burns & Wilcox, via its IssueQuick platform, will enable brokers and agents to seamlessly access FloodPlus and expand the reach of this much needed solution,” added Tom King, Hiscox Line Underwriter, Flood. “More than just a technology offering, we appreciate how Burns & Wilcox has committed to deepening its expertise within the Flood segment, which makes their team better able to counsel brokers and agents on navigating this risk and its increased complexities.”
For nearly ten years, Burns & Wilcox has harnessed its Flood expertise into a singular underwriting platform that today partners with 15 flood markets spanning more than 30 London syndicates. Recognized by Lloyd’s for its underwriting acumen and consistent performance, the Flood Practice has strengthened its technology capabilities, including the use of risk modeling and third-party integration, to proactively analyze risk management and improve loss ratios and risk selection.
In addition to Primary and Excess Flood, the team specializes in Parametric Flood coverage, which uses physical sensors installed at the property to detect a flood event. Pre-selected depths can be customized to a specified budget and exposure, which when triggered provides for an efficient and direct payout to the client in less than a week.
To access the Hiscox FloodPlus program on IssueQuick, please visit: https://www.burnsandwilcox.com/iq.
For more information on the Burns & Wilcox National Flood Practice, please visit: https://www.burnsandwilcox.com/specialties/flood.
About Burns & Wilcox:
Burns & Wilcox is the insurance industry’s leading wholesale insurance broker and underwriting manager internationally recognized for its expertise in commercial and professional liability, property, environmental, marine, and personal insurance.
Burns & Wilcox is a member of H.W. Kaufman Group, a privately held global insurance company, which employs more than 2,000 professionals across the United States, Canada, Europe, Latin America and the Middle East. The Kaufman companies include Burns & Wilcox, Burns & Wilcox Brokerage, Burns & Wilcox Canada, Atain Insurance Companies, RB Jones, Stonemark, Minuteman Adjusters, H.W. Kaufman Group Europe, Chesterfield Group, Lochain Patrick, Burns & Wilcox United Kingdom and Node International.
More information can be found at www.hwkaufman.com or at www.burnsandwilcox.com.
