AXA partners with tech firm to launch Flood Re brokerage solution
AXA Insurance, together with technology firm CDL, has launched a solution that makes an instant, automatic decision on whether a customer can access a Flood Re policy.
Available via a broker software house, the solution is aimed at providing brokers with greater choice in how they access Flood Re.
CDL’s risk assessment solution connects to the Flood Re hub at point-of-quote, change of address and renewal.
Flood Re was designed to increase the availability of affordable flood cover, and in the first six month after its launch in April 2016, it has backed 53,000 home insurance policies in the UK.
According to AXA, the number of insurance providers signed up to support the most at-risk households represents 90 percent of the home insurance market.
Carolyn Scott, head of household and creditor for personal lines at AXA, said: "AXA was one of the first insurers to go live with Flood Re and since then have been able to secure cover for more than 1500 households at risk of flooding.
“I am delighted that our hard work to make Flood Re more accessible to brokers is now paying off as this new integrated solution will increase the options of accessing Flood Re for the thousands of at-risk customers who use a broker to insure their home."
Andrew Creedon, head of client relationships at Flood Re, commented: "Flood Re has created a level playing field for new entrants and existing insurers in the UK home insurance market. We were impressed with CDL's positive approach during the development of their solution, and are delighted that Flood Re-backed products are now available through their systems."
Nigel Phillips, commercial director at CDL, added: "This development marks an important step towards ensuring that household insurance customers are better protected against flood losses. We have worked closely with our industry partners to support the roll-out of Flood Re, and are confident that this solution will enable more at-risk households to benefit from the scheme."
