Insurtech Jumpstart has introduced a product which will offer parametric cover and text message-driven insurance payments for earthquake risks in California.
The company will automatically send text messages to customers in the affected region. On confirmation of loss from a customer, the company will provide automatic payments to him/her.
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Policies will be underwritten as well as administered by AmWINS Group.
Jumpstart founder and CEO Kate Stillwell said: “As a structural engineer, disaster resilience is my life’s work, but after Hurricane Katrina, I realised that resilience means more than safe buildings. When a big quake strikes my hometown of Oakland, millions of families will be devastated financially – even more so than physically.
“Our immediate needs might be things we can’t anticipate – childcare expenses, or a place to stay for a month. Surprise costs can throw a wrench in not only your daily routine, but also your long-term financial sustainability. Just-enough money, at just the right time, allows each of us to stay in our communities and be part of the solution.”
Though initially launched for earthquakes in California, plans are on for a broader roll-out later.
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By GlobalDataThe company also intends to gradually expand the scope of the product to include other natural disasters.
