AXA XL’s marine insurance business has partnered with digital managing general underwriter (MGA) Vindati to offer insurance policies to small and medium-sized businesses.
The agreement will see AXA deploy its Ocean Cargo insurance through Vindati’s rate, quote, bind, issue online platform.
Vindati is an MGA which offers specialty products designed for small and mid-sized businesses an integrated shopping experience for brokers. With the help of integrated data and analytic tools, the company helps brokers and carriers offer bindable quote proposals and policies in minutes.
It works by a broker searching the Vindati platform for insurance policies their clients need, using only information needed for the policy. The user then selects the policy they want, with the ability to compare multiple policies.
Vindati also offers cover for contractors’ equipment, builder’s risk, and farm/ranchowners and is looking to expand into motor truck cargo, warehouse legal, and other business coverages.
Andrew D’Alessio, head of Ocean Cargo for AXA XL’s US Marine insurance team, said, “With this partnership, we’re extending availability of our cargo coverage to a broader business base. Vindati’s online platform expands our distribution to Vindati’s relationships and gives our brokers, easy access to instant, customizable quotes to address their clients’ cargo insurance needs.
Focusing on US cargo risks with an international exposure of $25,000,000 and less, businesses can now easily buy AXA XL cargo coverage and include inland transit and warehouse coverage as well. With this partnership we have an attractive solution for a segment of the market that we ordinarily do not serve.”
AXA XL offers marine cargo insurance to protect cargoes at sea, in the air, on land, and in storage.
Insurance firm Chaucer recently partnered with Concirrus to drive development within the marine insurance industry. The deal also saw Chaucer deploy Concirrus’ Quest Marine platform which measures marine risk through the analysis of real-time and historical data.
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