Insuritas, a prominent embedded insurance provider for financial institutions, has partnered with Recoop Disaster Insurance, a company that offers multi-peril disaster insurance coverage.
This collaboration aims to integrate Recoop’s disaster insurance into Insuritas’ BUNDLE platform, expanding insurance offerings available to banks and credit unions, according to InsurTech Insights.
The partnership is designed to provide financial institutions with an opportunity to generate diversified, non-interest recurring income through enhanced insurance services.
By incorporating Recoop’s multi-peril disaster insurance, financial institutions can offer a wider range of protection products to their customers, creating a new revenue stream.
Insuritas specialises in offering embedded insurance services through its BUNDLE platform, allowing banks and credit unions to integrate various insurance products into their offerings.
For over 20 years, Insuritas has been committed to providing financial institutions with comprehensive insurance solutions tailored to meet their customers’ needs.
Recoop Disaster Insurance focuses on filling the gaps left by traditional home insurance policies. Recoop offers a single policy that provides coverage for multiple natural disasters, including hurricanes, wildfires, tornadoes, earthquakes, gas explosions, winter storms, and dust storms.
The policy offers a lump-sum cash benefit of up to $25,000, with fast payouts typically occurring within 48 hours—much quicker than traditional insurance claims, which often take 30 days or longer.
The partnership will see Recoop’s disaster insurance integrated into Insuritas’ BUNDLE platform, enabling financial institutions to offer this specialised coverage to customers. This not only enhances the range of protection products available but also helps customers recover faster after a disaster by providing quick access to financial resources.
Insuritas’ president and CEO, Jeffrey Chesky, said, “This exciting development is yet another example of Insuritas’ commitment to providing diversified non-interest income streams for our financial institution partners. For over two decades, BUNDLE has enabled banks and credit unions to offer essential insurance products that meet their customers’ needs. We are thrilled to add disaster insurance coverage to our already comprehensive portfolio of protection products.”
Recoop Disaster Insurance’s founder and chief product officer, Darren Wood, added, “Insurance is a critical but complex service, especially with innovative products like Recoop. Being integrated into the BUNDLE platform allows us to reach new audiences and show customers how we’re helping people rebuild and return to normal life faster after a disaster.”
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