Renewable energy managing general underwriter (MGU) Energetic Insurance has tapped Novidea’s cloud-based agency management system (AMS) to create a compliant system of record for policy administration.
Energetic Insurance aims to support the switch to clean energy by insuring electricity and energy service payment default risk of solar, efficiency and other distributed or utility-scale energy projects. The Boston-based company leverages a data-driven approach to develop risk management products.
Its flagship solution, EneRate Credit Cover, offers financing for unrated and below-investment-grade counterparties by covering payment default risk. Essentially its credit insurance policies protect project developers and financial backers against the risk of payment default by energy buyers.
The firm offers a 10-year, non-cancellable policy, but this makes it hard to monitor and track insurance policies. Furthermore, there is a dynamic limit of liability schedules that change over time.
As a result, Energetic sought a way to minimise time spent on policy administration as it scaled. It also wanted a future-forward agency management platform that could serve as a system of record for all insurance policy-related information. It needed to support quotes, rating actions, issuances, renewals, compliant customer communications, bordereau reports and more, as well as be scalable.
This is why the firm teamed up with Novidea. Some of the core functionalities that attracted the company to Novidea was the flexibility, total cost of ownership and scalability.
Since it has deployed the solution since 2019, Energetic has been able to focus on growth and expanding its product line. The company closed a $7m Series A round in 2021.
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Novidea recently opened offices in the City of London in the Gherkin building. It also recently formed a partnership with Certificial to transform the legacy process of certificate of insurance issuance. The partnership will see Certificial’s COI work natively in the Novidea agency platform, to make certificate issuance more seamless and efficient.
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