Insuring Businesses in Catastrophe-Prone Zones | INSTANDA and Green Shield | ITC Vegas 2024

At ITC Vegas we spoke to insurance innovators who are attempting to change the way we do things for the better. 

In this video, Derek Hill from INSTANDA and Patrick Blandford from Green Shield Risk Solutions share how their partnership is revolutionizing insurance for catastrophe-prone areas. 

By leveraging INSTANDA’s agile tech, Green Shield can swiftly adjust policies to meet real-time challenges.

Find out how they’re addressing complex risks while staying competitive.

How to Insure Catastrophe-Prone Areas

As climate-driven events become more frequent, there is clearly a pressing need that needs to be addressed. Green Shield’s founder and CEO Patrick Blandford explains that their mission is to underwrite businesses in high-risk areas—regions prone to floods, hurricanes, and wildfires. Recent hurricanes, such as Helene and Milton, exemplify the urgency of insuring these communities, both for the survival of affected individuals and businesses. INSTANDA’s Global CRO Derek Hill echoes Blandford’s sentiment, underscoring the industry’s need to adopt new methods and technologies to keep up with the increasing frequency and severity of natural disasters.

The INSTANDA-Green Shield Partnership

At the heart of this interview is how INSTANDA’s flexible, no-code platform has allowed Green Shield to adapt quickly to changing market conditions. Blandford notes that with INSTANDA, they can modify rates or policy forms in under an hour—a speed advantage that outpaces competitors who may take weeks to make similar adjustments. Hill emphasizes that the partnership allows Green Shield to control their product development and respond to client needs faster than traditional insurers.

It’s a great example and case study of the future of insurance. 

Both executives highlight agility as a cornerstone of the INSTANDA-Green Shield partnership. Green Shield aims to roll out multiple new insurance programs in the coming years, requiring a platform that supports rapid adaptation in response to shifting market conditions. Of note is the fact that their focus on loss prevention and mitigation during the underwriting process differentiates Green Shield from other MGAs. By leveraging advanced imagery and sophisticated risk models, Green Shield proactively guides clients on minimizing future losses, which goes beyond traditional risk selection practices.

Technological Innovations Shaping the Sector

INSTANDA collaborates with a global network of clients, allowing them to share insights that feed back into their platform to benefit all users. It’s where AI could also play a role. The impact of generative AI and other tech innovations is profound, affecting underwriting, operational processes, and customer experience. Blandford elaborates that Green Shield’s approach integrates advanced loss control and prevention at the time of underwriting. These tools enable them to offer clients guidance on reducing risks long-term, a proactive strategy that not only meets industry demands but also distinguishes Green Shield as a forward-thinking MGA.

In this great interview we also hear about how the insurance sector is grappling with climate change and how this impacts the response of insurers. There’s thoughts on the importance of ITC Vegas too where we spoke to both gentlemen, and what it brings to the industry. Watch the video and check out more of our videos from this conference on our website.