Sola
About Sola
Sola offers a parametric insurance policy that utilizes National Weather Service data to provide rapid payouts to homeowners following severe wind or hail events, independent of traditional claims processes. This approach addresses the financial burden of high deductibles and out-of-pocket expenses, enabling quicker recovery after natural disasters.
```xml <problem> Traditional homeowner's insurance often leaves homeowners vulnerable to significant out-of-pocket expenses due to high wind and hail deductibles. The claims process can be lengthy and complex, delaying recovery after severe weather events. Furthermore, rising premiums, influenced by factors unrelated to individual property risk, add to the financial burden.</problem> <solution> Sola provides parametric wind and hail insurance policies that leverage National Weather Service data for rapid payouts following qualifying weather events. This data-driven approach bypasses the traditional claims process, enabling homeowners to quickly address damages and minimize out-of-pocket expenses. Sola's policies are designed to supplement existing homeowner's insurance, specifically covering the deductible gap and providing financial support for immediate recovery needs. By focusing solely on property risk based on weather data, Sola offers fairer and potentially lower premiums compared to traditional insurance models. Payout eligibility is determined using National Weather Service data, and Sola proactively contacts policyholders to confirm damage and initiate payouts. </solution> <features> - Parametric insurance policies triggered by National Weather Service data on wind and hail events. - Fast payouts, typically within days of a qualifying event, based on weather data verification. - Supplemental coverage designed to cover the deductible gap in existing homeowner's insurance policies. - Premiums based solely on property risk assessed through weather data, independent of claims history or personal details. - Proactive contact with policyholders following severe weather events to confirm damage and initiate the payout process. - Streamlined claims process with no lengthy paperwork. - Policies can enable homeowners to increase deductibles on their primary insurance, lowering overall coverage costs. </features> <target_audience> Sola targets homeowners, particularly those with high wind and hail deductibles, and independent insurance agents seeking to offer more affordable and reliable coverage options to their clients. </target_audience> <revenue_model> Sola generates revenue through premiums collected on its wind and hail insurance policies, with policies starting at approximately $5.66 per month, payable annually. </revenue_model> ```
What does Sola do?
Sola offers a parametric insurance policy that utilizes National Weather Service data to provide rapid payouts to homeowners following severe wind or hail events, independent of traditional claims processes. This approach addresses the financial burden of high deductibles and out-of-pocket expenses, enabling quicker recovery after natural disasters.
Where is Sola located?
Sola is based in Atlanta, United States.
When was Sola founded?
Sola was founded in 2022.
How much funding has Sola raised?
Sola has raised 3700000.
Who founded Sola?
Sola was founded by Scott Walchek.
- Scott Walchek - CEO
- Location
- Atlanta, United States
- Founded
- 2022
- Funding
- 3700000
- Employees
- 33 employees
- Major Investors
- FINTOP Capital