As insurance executives, you know that the insurance industry is constantly evolving. With the frequency and unpredictability of natural disasters on the rise, it’s more important than ever to adapt to changing climate conditions and associated risks. That’s why Chubb Personal Risk Services (PRS) has launched an innovative self-service Flood Insurance System, designed to streamline the process for agents and provide rapid access to flood quotes in under two minutes.

According to a recent report by Chubb, standard home policies often exclude any surface water that enters your home. The most common cause of flooding damage isn’t linked to an extreme weather event – it can be as simple as rain runoff that accumulates too quickly. That’s why Chubb’s new Flood Insurance System is a game-changer for the industry. By integrating this new platform with the Chubb Agent Portal and the Masterpiece EZ Quote homeowners platform, Chubb is enhancing its personal lines business for both primary and excess flood insurance.

Chubb PRS is a global leader in the insurance industry, offering a wide range of commercial and personal insurance products. The company is distinguished by its in-depth risk assessment capabilities, robust financial strength, and a broad spectrum of product and service offerings. Chubb’s commitment to excellence is evident in their approach to claims—ensuring fairness and promptness.

The new Flood Insurance System is a testament to Chubb’s innovation in the insurance space. It promises an enhanced user interface for agents, allowing them to obtain flood insurance quotes for clients quickly. This system supports Chubb’s goal to provide complete flood protection coverage options, including customizable limits that cater to varying client needs, with coverage options extending up to $15m.

In addition to the practical benefits of faster quote generation, Chubb has also taken steps to educate agents and brokers on flood risk mitigation. The company recently published a report titled “Protecting your family and home from a flood,” offering valuable insights into preventing and managing flood damage.

As insurance executives, it’s important to stay ahead of the curve and adapt to changing industry trends. Chubb’s Flood Insurance System is just one example of how the industry is evolving to meet the needs of clients in an ever-changing world. If you’re interested in learning more about how parametric insurance can help protect your clients, get in touch with Riskwolf. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Read the original article here.