Gives small businesses access to a range of insurance products tailored to their needs
Cover Genius, a global insurtech leader whose insurance distribution platform provides protection for customers of the world’s largest online companies, announced that it has teamed up with Intuit and will offer QuickBooks customers a range of insurance products to protect themselves and manage their risk.
The first solution being offered, Shake Shield, is a first-of-its-kind parametric insurance solution built by Cover Genius and Swiss Re and available via Cover Genius’ XCover insurance distribution platform. Shake Shield provides quick payments to help businesses get back on their feet after a qualifying earthquake. Shake Shield will be available to QuickBooks customers in California initially.
The product is underwritten by Palomar Excess and Surplus Insurance Company and reinsured by Swiss Re.
QuickBooks will have access to a world’s-first API-based parametric insurance platform that fully automates claim assessments and payments, meaning QuickBooks customers can quickly get onto firmer ground after an earthquake hits. No physical inspections are required and no waiting for checks in the mail. Instead, US Geological Survey data is processed in real time and payments are made quickly into a designated bank account following a successful claim submission. The award-winning XCover platform is highly regarded within insurance circles for its achievements in claims and support that have meant its partners benefit from an industry-leading NPS of 65+.
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“Over the past few years we have all experienced natural catastrophes like the Coronavirus pandemic, earthquakes, wildfires and floods which highlight the need for businesses to receive timely financial support from their insurance companies,” said Mitch Doust, Chief Operating Officer for the Americas for Cover Genius. “We are thrilled to team up with Intuit, a Fortune 500 company that is committed to a technology-first approach to insurance that drives better outcomes for small businesses. We are also excited to expand the collaboration into additional commercial insurance products down the line.”
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