Jumpstart, a California-based InsurTech start-up, has officially launched with a new type of natural disaster insurance product that provides parametric coverage and text message driven payments for earthquake risks.
The company uses technology to track real-time data and provide automatic payments initiated by text message following an earthquake of pre-specified intensity, eliminating the need for a complicated claims processes.
Insurance policies will initially be underwritten and administered by AmWINS Group Inc. and the insurer will be The Channel Syndicate 2015 at Lloyd's, which is a...
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