Through this collaboration, Recoop’s multi-peril disaster insurance product will be integrated into Insuritas’ BUNDLE platform, offering financial institutions an opportunity to generate diversified, non-interest recurring income via expanded insurance services.
Recoop’s disaster insurance provides coverage where traditional home insurance may fall short after major disasters. The policy offers a lump-sum cash benefit of up to $25,000 following events such as hurricanes (including storm surges), wildfires, tornadoes, earthquakes, gas explosions, winter storms, and dust storms. Unlike typical home or renters’ insurance policies, Recoop provides coverage for multiple natural disasters through a single policy, with fast payouts typically occurring within 48 hours—significantly faster than the traditional 30-day or longer waiting period for claims processing.
Jeffrey Chesky, President and CEO of Insuritas, highlighted the importance of the partnership: “This exciting development is yet another example of Insuritas’ commitment to providing diversified non-interest income streams for our financial institution partners. For over two decades, BUNDLE has enabled banks and credit unions to offer essential insurance products that meet their customers’ needs. We are thrilled to add disaster insurance coverage to our already comprehensive portfolio of protection products.”
The partnership underscores Insuritas’ mission to empower financial institutions by offering a wide array of insurance solutions through its BUNDLE platform, while Recoop Disaster Insurance provides peace of mind for customers facing the unpredictable impacts of natural disasters.
Darren Wood, founder and chief product officer at Recoop Disaster Insurance, echoed the sentiment: “Insurance is a critical but complex service, especially with innovative products like Recoop.”
He added “Being integrated into the BUNDLE platform allows us to reach new audiences and show customers how we’re helping people rebuild and return to normal life faster after a disaster.”
