This startup provides specialized insurance services for small and mid-market commercial property risks, focusing on tailored residential and commercial property insurance programs. By offering financial protection against property-related losses, the company helps clients maintain stability in the face of unforeseen events.
Funding
Funding not disclosed
Founders
Product
Problem
Businesses face increasing risks from catastrophic events like hurricanes, earthquakes, and fires, requiring specialized insurance coverage that goes beyond standard policies. Traditional insurance options may not adequately address the unique exposures of properties in catastrophe-prone areas, leaving businesses vulnerable to significant financial losses.
Solution
Velocity Risk Underwriters is a managing general agent (MGA) specializing in excess and surplus (E&S) property insurance for businesses in the U.S. specialty property market. The company leverages advanced technology, including real-time modeling, geospatial imagery, and machine learning, to provide tailored insurance solutions for commercial customers. Velocity Risk's data-driven underwriting system and claims management services aim to efficiently connect risk with capital, offering specialty property insurance with an emphasis on hurricane and earthquake risks. By offering specialized coverage and efficient claims processing, Velocity Risk helps businesses recover quickly after a loss.
Target Audience
Velocity Risk serves middle market and small to medium-sized businesses requiring specialty property insurance, as well as brokers, agents, and capital providers in the E&S insurance market.
Features
- Tech-enabled MGA specializing in E&S property insurance.
- Data-driven underwriting system for risk quantification and assessment.
- Real-time modeling to price and allocate capital at the individual risk level.
- Specialty insurance products for businesses at risk from hurricanes and earthquakes.
- Claims management services for rapid recovery after a loss.
- Offers AM Best ‘A’ and ‘A-’ Rated Insurance Coverage.
- Provides tailored solutions for commercial customers across Middle Market and Small to Medium Business insurance segments.
- Moratorium policy to temporarily halt or suspend certain underwriting activities in particular areas.