NEW YORK, July 24, 2019 /PRNewswire/ -- AXA XL's US marine insurance business and Vindati, an InsureTech Managing General Underwriter (MGU) offering specialty products and an integrated shopping experience for brokers and agents, are teaming up 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," said 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 US 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."
"Our 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. 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," said Vindati Founder and CEO Hugh Burgess. "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."
Conor Murray, AXA XL's Head of Global Specialty Claims – North America, added, "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."
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.
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.
Vindati is an MGA offering specialty products for small to mid-sized businesses and an integrated shopping experience for brokers, both traditional and digital. Its first products are Contractors Equipment, Builder's Risk, and Farm/Ranchowners packages; long-term plans include expansion to a range of business products, including Commercial Articles, Motor Truck Cargo, and Warehouse Legal. Backed by Innovisk Capital Partners (www.innovisk.com) and led by industry veteran Hugh Burgess, Vindati puts the power in the hands of the broker, providing instant customizable quotes generated with leading technology, integrated data and analytic tools. For more information about Vindati, visit http://www.vindati.com/.
ABOUT AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
SOURCE AXA XL