Source: Coverager

This partnership integrates Recoop’s multi-peril disaster insurance product within Insuritas’ BUNDLE platform to offer its financial institution customers additional opportunities for diversified, non-interest recurring income streams via insurance services.

The policy pays out a lump-sum cash benefit up to $25,000 after a declared disaster, including hurricane (with storm surge), wildfire, tornado, earthquake, gas explosion, winter storm or dust storm. Unlike typical home and renters’ insurance policies, Recoop covers multiple natural disasters with one lump-sum cash benefit. Payment is rapid, typically 48 hours, versus traditional insurance which can take upward of 30 days or much more to process and pay policyholders.

“This exciting development is just another key example of Insuritas’ commitment to provide diversified non-interest income for our financial institution partners. For over two decades, BUNDLE has empowered banks and credit unions to offer essential insurance products that meet their customers’ needs. We are extremely pleased to be able to add disaster insurance coverage to an already comprehensive portfolio of protection products.” – Jeffrey Chesky, President and CEO at Insuritas.

“Insurance is a critical, but complex service, especially for new, breakthrough insurance products like Recoop. Being part of the BUNDLE platform enables us to bring our services in front of new audiences, showing customers how we’re helping people rebuild and get back to life faster following a disaster.” – Darren Wood, founder and chief product officer of Recoop Disaster Insurance.

Read the full article: https://coverager.com/insuritas-partners-with-recoop-disaster-insurance/