WEST PALM BEACH, Fla., Nov. 18, 2019 /PRNewswire-PRWeb/ -- Acuity Underwriting Managers, LLC has launched a parametric hail insurance program supporting Auto Dealers in the severe hail prone states. Acuity Underwriting Managers was founded and managed by insurance professionals with over 100 years combined experience in insurance and risk management consulting.
Richard Duer, Managing Member, designed and helped form the first pilot parametric Colorado auto dealers hail program in 2019. Richard spent over 18 months gathering data and presenting his idea to many of the largest global reinsurance/insurance companies.
While very successful in a single state, the program, due to its catastrophic nature, would require numerous insurance carriers to bring additional capacity to all the hail prone states. Five of the leading global insurance carriers have partnered with Acuity Underwriting Managers LLC to bring unlimited capacity to the auto dealer parametric hail insurance marketplace. All the insurance carriers reviewed and approved the data information verification processes and the additional ground truth brought about with onsite hail measuring devices. "The past couple years has been very fruitful with the amount of data we have compiled. We even had the hail station manufacturer and data analyzer chase hail storms to bring further credibility to our analytics," per Richard.
It is important for dealerships to have the trust in the data used to trigger the parametric insurance. Thus the hail insurance program has arms length agreements between the hail station data gatherer, the data analyzer and algorithm company and the eventual insurance company.
The Acuity Hail program will be available through retail and wholesale insurance agents and the automobile manufacturer administered insurance programs. For more information please contact [email protected]
SOURCE Acuity Underwriting Managers, LLC
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