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VYRD Launches Homeowners Insurance in Florida Powered by Verisk Data
VYRD, a new homeowners insurer, is transforming the experience of buying insurance in the challenging Florida market by making underwriting decisions faster and easier with reliable data from Verisk (Nasdaq: VRSK), a leading global data analytics provider.
Using Verisk’s LightSpeed® for Homeowners platform, VYRD is leveraging granular data to more accurately assess the risk profiles of coastal properties. Within LightSpeed, VYRD is integrating Verisk’s location-based peril information, reconstruction cost estimates, roof data, aerial imagery, building permit data and homeowner insights to support faster, more reliable initial quotes. VYRD is also employing loss history information from Verisk to help complete the underwriting process.
Led by an experienced team with a singular focus on meeting Florida’s unique challenges, VYRD is setting its initial focus on those customers who are challenged with finding coverage for their home. Frequent catastrophe losses and a volatile legal environment, especially surrounding roof claims, have contributed to creating a difficult market for homeowners, agents and insurers in Florida—one that VYRD seeks to address with new approaches.
“Verisk provides the cutting-edge, InsurTech solutions we need to maintain our policyholder-first mentality as we aim to set the new standard in home protection in an increasingly complex and challenging market,” said David Howard, VYRD’s chief executive officer. “We’re using Verisk tools to prefill applications as far as possible with the best data in the business, so we can give customers a better purchase experience that earns their trust and loyalty.”
“VYRD came to us focused on digital transformation that would drive a better customer experience and support a successful business model for the increasingly complex Florida market,” said Doug Caccese, president of risk assessment, underwriting solutions at Verisk. “VYRD’s experienced and knowledgeable team knew where to turn for advanced technology, robust data and analytics and deep insurance expertise.”
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