Coterie Insurance, a partnership focused InsurTech aiming to transform small business insurance, has partnered with Opterrix to leverage weather data.
Coterie Insurance said it is revolutionising small business insurance by enabling instant coverage.
By sourcing publicly available data, Coterie’s technology employs digital underwriting to enable a transparent and accurate quoting and binding process. The company said it arms agents, brokers, and partners with cutting-edge tools to get small businesses the coverages they need.
Opterrix is a proactive risk management platform that empowers insurance carriers to achieve sustained profitability through innovative data science and automated workflows. Opterrix streamlines and automates time-sensitive decision-making throughout the insurance value chain with:
The partnership will see Coteria use Opterrix’s weather modeling to enhance Coterie’s small business insurance underwriting capabilities.
According to Coterie, the partnership will also help power Coterie’s automated underwriting decisions based on weather and property exposures while creating a customer-centric claims experience.
Days before Hurricane Ian made landfall in late September, Coterie worked with Opterrix to leverage real-time emerging weather data about impacted property in the projected hurricane path. The company said this data enabled it to issue an immediate moratorium, allowing the team to fully focus on supporting impacted policyholders in the storm’s path.
Jaclyn Johnson, Coterie’s director of underwriting, said “We have been exceedingly impressed by Opterrix’s innovative technology and are thankful for their assistance with our preparation for Hurricane Ian.
“Their expertise in weather-related risk will help to strengthen our underwriting decisions and streamline our claims management processes. We’re excited to collaborate with the Opterrix team to further revolutionize CAT management in digital underwriting.”
Ben Zimmerman, CEO and co-founder of Opterrix, added, “We are so excited to partner with Coterie and help fortify their proactive risk management strategy. Our mission is to help forward-thinking insurers identify, quantify and mitigate avoidable losses. Coterie’s exceptional leadership has a clear vision for how Opterrix will drive their sustained growth, and we are honored to be their vendor of choice.”
Earlier this year, Coterie launched a solution that leverages automated underwriting to save agents and brokers’ time.
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