Lumen Risk Services has collaborated with Transverse Insurance Group to roll out its Commercial Property Insurance Program.
The programme starts by providing monoline property coverage for multi-family, hospitality, as well as light commercial property accounts.
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Plans are on to expand into other lines later.
Transverse CEO and co-founder Erik Matson said: “Lumen has approached a segment of commercial lines insurance with a combined ability to solve the policy construct and administration as well as analytics to help guide their distribution partners.
“We are excited to be part of this great effort and our ability to act in parallel with our partner to drive results.”
Additionally, Lumen introduced its digital platform KURRENT designed for the commercial insurance market.
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By GlobalDataThe platform offers producers access to a portal, which accepts submissions and supports underwriter communications.
It also offers access to in-force accounts and renewals as well as centralises policy document delivery while automating endorsement requests.
Lumen CEO Scott Whitaker said: “The InsureTech space has seen incredible amounts of capital pouring into the personal lines over the last several years, but it has largely ignored the immense opportunity that exists in larger commercial lines. Lumen is committed to bridging that gap and setting the pace for digital innovation.
“Our unique platform offers advantages to every stakeholder in the transaction — insureds, producing brokers, underwriters, insurers, and reinsurers each benefit from access to real-time data analytics to help drive alignment and success for all our partners.”
Last month, Neptune Flood launched a new $30m premium capacity programme to expand the availability of flood insurance across the US.
The programme is sponsored by Transverse and backed by a panel of global reinsurers, which was placed through Acrisure Re.
