(Image credit: Markus Distelrath.)
AXA XL’s US marine insurance business and Vindati, a New York-based managing general underwriter (MGU), which offers brokers access to specialty products through a digital channel, have partnered to offer Ocean Cargo insurance for small and middle-sized businesses via Vindati’s proprietary rate, quote, bind, issue online platform.
“With this partnership, we’re extending availability of our cargo coverage to a broader business base,” comments Andrew D’Alessio, head of Ocean Cargo for AXA XL’s US Marine insurance team. “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 U.S. 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.”
Vindati’s platform was built to address a clear need for solutions aimed at brokers who are serving small to medium sized businesses, giving them the ability to administrate higher volumes of policies cost effectively and efficiently, according to founder and CEO Hugh Burgess. “Not only does Vindati offer brokers speed and easy access, it provides insurance carriers, like the AXA XL companies, greater efficiency to deliver their coverages to a wide range of businesses for a variety of coverages,” he elaborates. “Using leading technology, integrated data and analytic tools, we’re helping brokers and carriers deliver bindable quote proposals and policies in mere minutes. We’re excited to be able to partner with AXA XL to expand their capabilities in this way and look forward to working together to reach a previously untapped market segment.”
AXA XL Insurance offers marine cargo insurance to protect cargoes at sea, in the air, on land, and in storage. In addition to AXA XL Ocean Cargo coverage, Vindati also offers Contractors Equipment, Builder’s Risk, and Farm/Ranchowners packages and has plans to expand its product offering to include Motor Truck Cargo, Warehouse Legal and other business coverages.
‘Winning Solution’ Enabling Faster Payment of Claims
“Combining Vindati’s automated quote to issuance capabilities with AXA XL’s streamlined First Notice of Loss claims reporting website and handling process is a winning solution for our brokers and insureds enabling faster payment of claims,” comments Conor Murray, Head of Global Specialty Claims, North America, AXA XL.
AXA XL’s Global Marine business provides insurance for clients with special coverage needs for their marine exposures, including Inland Marine, Ocean Cargo, Blue and Brown Water Hull, P&I, as well as Excess and Primary Marine Liabilities.