ProIQ: Weather Insurance for Agents and Brokers
ProIQ: Exclusive Producer Portal to Expand Your Business with Parametric Weather Insurance
Parametric weather risk insurance from Vortex Weather Insurance is a simple and effective risk management tool that is available to licensed P&C insurance producers in the United States. Current or potential insureds with financial exposure to adverse weather (rain, snow, temperature, hail) can strategically utilize Vortex Weather Insurance to help reduce lost revenue and expenses that are typically uninsured through traditional insurance policies. Through our exclusive online ProIQ portal, you can help fill these uninsured gaps by providing your insureds a valuable risk management service.
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Custom Policies for Nearly Any Request
Vortex offers weather insurance for ALL types of businesses and associations. We can create policies for longer-term needs, including full seasons. Through ProIQ, your clients can take advantage of our current inventory of standardized products includes Fairs and Festivals, Golf – Shotgun, and Golf – Extended Hours. We will soon be adding standardized pricing for additional outdoor events, including motorsports, sporting events, concerts, and theater productions to name a few. If your client’s needs lie outside the standardized products, please contact us directly for options. We can create a custom policy for nearly any request.
The Probability of A Weather Event
A combination of historical data, geography, season, and time of day help determine the likelihood of a weather event.
We utilize decades of data and meteorological insight to determine the probability of an event occurring. For example, from our data we can establish between June and August Seattle has a 4.7% chance of .25 inches of rain falling on any given day. For Chicago, during the same period, the probability is 14.9%.
Benefits of Weather Index Insurance
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A carefully crafted weather insurance policy can stabilize a business’ budget (revenues) during non-optimal periods of weather.
2
A business can reduce reputation risk during periods of extreme weather.
3
Quick and simple claim adjustments allow for payments TYPICALLY in less than 2 weeks.
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Customization allows the client to build a policy based on their specific risk and/or budget.
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Fill uninsured gaps (business income, deductibles, etc.).
Why You Should Consider Offering Weather Index Insurance
- Grow your current book of business
- Existing clients are 60-70% more likely to purchase from you vs. 5-20% likelihood selling to a new prospect
- Offer a unique and niche product not widely available in the market
- Market to new/previously unapproached industries/risks
- Additional insurance industry expertise (education)