(Image source: NARDAC homepage.)
NARDAC Insurance Services (Newport Beach, Calif.), a Lloyd’s coverholder, has successfully implemented and launched Joshu’s (Menlo Park, Calif.) policy management platform, according to a statement from the vendor.
NARDAC sought a modern solution to handle the company’s new Community Solar program for insuring C&I solar PV sites in the U.S., according to the Joshu statement. As the solar power industry continues to grow more than 20 percent (on average) year-over-year, it is expected the market size will more than double from $17.2B to $35.6B in five years. That being the case, Joshu argues that it is critical for organizations like NARDAC to provide a modern user experience for a growing customer base.
“In time, the global energy transition toward reliance on more renewable sources will profoundly affect every industry,” said Jatin Sharma, Managing Partner, NARDAC. “In order for this transition to be successful, every aspect of the value chain needs to be modernized, especially with insurance. Joshu’s modern product management suite delivers that capability and enables us to exponentially reduce quote time, manage exposure and risk across geographies, and better protect both our clients and insurance carrier partners.”
Using the Joshu Platform, NARDAC is now able to provide retail broker clients with access to a quote-and-bind system for insuring PV assets with a replacement value of two to $20 million per location, according to the Joshu statement. “Historically, it has taken at least three months to receive quotes for these assets, but using the simple, user-friendly Joshu Platform, NARDAC’s partners can generate quotes in minutes after uploading underwriting information for each site,” the Joshu statement says.
With features for accelerating product development, underwriting, and distribution, Joshu says its platform supports the full insurance product and policy lifecycle. Joshu says its platform helps insurance product owners, like NARDAC, bring new programs to market quickly and harness digital growth, while maintaining high underwriting standards.
New Standard for Introducing Products
“In addition to the work on risk aggregation management, we also build out data enrichment to round out the solution, that when added together, create a state-of-the-art user experience for NARDAC’s internal and external stakeholders alike,” says Roy Mill, co-founder and CEO, Joshu. “We’re pleased to be a part of combining NARDAC’s deep renewable energy insurance expertise with our technology and for setting a new standard for introducing new innovative tech-forward products to market.”