reThought Flood Joins AAIS Partner Program, Delivering Unique, Technology-Based Approach to Underwriting Flood Insurance
reThought Flood to offer AAIS Members a different, patent-pending approach to pricing flood risk that deploys multiple models for a more accurate assessment of risk.
Lisle, IL, May 07, 2024 (GLOBE NEWSWIRE) — The American Association of Insurance Services (AAIS) is excited to welcome reThought Flood to the AAIS Partner Program.
“The goals of AAIS are exactly aligned with our own,” said Cory Isaacson, Chief Executive Officer of reThought Flood. “Our mission is to create a sustainable commercial flood insurance market in the U.S., where 99% of counties flooded since 1996, but fewer than 10% of households have flood coverage. As a member of the AAIS Partner Program, we will be able to bring our proven technological solution to this problem to more risk carriers, brokers, and ultimately, to more Americans.”
“reThought Flood and AAIS share a vision to work collaboratively with insurance industry professionals to create solutions that meet the needs of our customers,” said John Kadous, Vice President of Products at AAIS. “AAIS Members will be able to leverage reThought Flood’s expertise and unique approach to pricing flood risk to further build efficiency and speed to market.”
The AAIS Partner Program provides AAIS Members with unique access to quality products and services that help them streamline processes, achieve operational efficiency, and grow their business. To find out how AAIS Partners like reThought Flood can help create better customer experiences and increase speed to market, please visit AAISonline.com or contact the AAIS Member Engagement Team at membership@aaisonline.com.
About reThought Flood
reThought Insurance Corp., which trades as reThought Flood, is an InsurTech MGA that has deployed their enormous risk modeling expertise to develop a unique, technology-based approach to underwriting flood insurance. Their advanced data analytics create the understanding necessary to build a sustainable private U.S. flood insurance market.
Unlike others, reThought Flood comprehensively underwrites each asset to be insured, as well as the peril, using a big-data AI approach. They have developed award-winning Flood Resilience Scores (FRS) based on public and proprietary data about the specific building location, which have a dramatic impact on the likelihood of flood. The data is applied to their patent-pending AI process to derive the FRS itself.
Flood Risk Scores allow reThought Flood to confidently price flood risk coverage which is much more extensive than competing policies. Advantages for insureds and brokers to offer include large aggregate limits for buildings and their contents, including basement contents, plus coverage for loss of use, debris removal, and costs of construction. Find out more at rethoughtflood.com.
About AAIS
Established in 1936, AAIS serves the property & casualty insurance industry as the only national not-for-profit advisory organization governed by its Member insurance carriers. AAIS delivers high-quality advisory solutions, including best-in-class policy forms, rating guidelines, and data management capabilities for commercial lines, inland marine, farm & agriculture, auto, and personal lines insurers. Their consultative and unbiased approach, unrivaled customer service, and modern technical capabilities underscore a focused commitment to the success of its Members. Together with Member carriers, insurance regulators, Partners, MGAs, and other key stakeholders, the AAIS Community is working to build a more cost-effective and sustainable industry. For more information about joining the AAIS Community, visit AAISonline.com.
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CONTACT: Wen Tilghman American Association of Insurance Services (AAIS) went@aaisonline.com Dr. Adrian Leonard Strategic Insurance Communications Ltd. +44 (0)7977 130 093 adrian@strategicinsurancecommunications.com
