National General Holdings Corp. (NGHC), the personal lines insurer will start offering private flood coverage in Florida later this season after its procurement of Syndeste LLC, an insurance technology business.
National General will formally launch the product in the third quarter for its domestic and commercial consumers, beginning in Florida. It will develop the product everywhere in the United States with New Jersey designed as its next state, to begin with supporting this plan of evolution.
The company intends to offer multiple granted and non-admitted private flood insurance commodities based on Syndeste’s underwriting technology and via partnering with reinsurers as the output is rolled out.
Syndeste concentrates in targeting consumers seeking flood insurance and leveraging hyper-local risk information to underwrite flood insurance. Its data and analytics present insurance agents with institutional and marketing tools personalized to their consumers.
National General earlier only offered flood insurance through the federal National Flood Insurance Design. Syndeste is an insurance technology business focused on the flood coverage market using comprehensive data and analytics. Their platform, Beyond Floods, presents pricing, underwriting, and selling tools for all U.S. states and territories by holding high-resolution property- and structure- level flood hazard perspicacity.
New York City-based National General Holdings Corp., is a personal practice line insurance holding corporation providing personal and commercial vehicle, homeowners, umbrella, recreational transport, motorcycle, supplemental well-being, and other niche insurance merchandises.