The new platform will help NARDAC capitalize on the opportunities inherent to the $20 billion commercial and industrial (C&I) solar market through automated underwriting and a digital storefront for retail brokers.
MENLO PARK, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) — Joshu, the platform to build, distribute, and grow digital insurance products, is pleased to announce NARDAC Insurance Services (NARDAC), a Lloyd’s coverholder, has successfully implemented and launched Joshu’s policy management platform.
Based in Newport Beach, California, NARDAC needed a modern solution to handle the company’s new Community Solar program for insuring C&I solar PV sites in the U.S. As the solar power industry continues to grow 20%+ (on average) year-over-year, it is expected the market size will more than double from $17.2B to $35.6B in five years. As such, it is critical for organizations, like NARDAC, to provide a modern user experience for a growing customer base.
“In time, the global energy transition toward reliance on more renewable sources will profoundly affect every industry,” said Jatin Sharma, Managing Partner at NARDAC. “In order for this transition to be successful, every aspect of the value chain needs to be modernized, especially with insurance. Joshu’s modern product management suite delivers that capability and enables us to exponentially reduce quote time, manage exposure and risk across geographies, and better protect both our clients and insurance carrier partners.”
Using the Joshu Platform, NARDAC is now able to provide retail broker clients with access to a quote-and-bind system for insuring PV assets with a replacement value of two to $20 million per location. Historically, it has taken at least three months to receive quotes for these assets, but using the simple, user-friendly Joshu Platform, NARDAC’s partners can generate quotes in minutes after uploading underwriting information for each site.
Packed with features for accelerating product development, underwriting, and distribution, the Joshu Platform supports the full insurance product and policy lifecycle. Founded by technology experts experienced in selling insurance online, the Joshu Platform helps insurance product owners, like NARDAC, bring new programs to market quickly and harness digital growth, while maintaining high underwriting standards.
“In addition to the work on risk aggregation management, we also build out data enrichment to round out the solution, that when added together, create a state-of-the-art user experience for NARDAC’s internal and external stakeholders alike,” said Roy Mill, CEO & co-founder of Joshu. “We’re pleased to be a part of combining NARDAC’s deep renewable energy insurance expertise with our technology and for setting a new standard for introducing new innovative tech-forward products to market.”
About NARDAC insurance Services
NARDAC is a Lloyd’s coverholder supporting retail brokers and their insureds in the energy transition. It delivers personal, dedicated expertise to guarantee clients enhanced and consistent success through every phase of their energy and infrastructure (re)insurance transactions. NARDAC is a critical intermediary between insurance carriers and retail brokers which deal directly with insured parties. NARDAC secures the best, sustainable terms for our clients, and ensures claims are settled promptly and efficiently. For more information, please visit www.nardac.com.
Joshu empowers insurers to launch online distribution channels quickly and independently. With Joshu, insurance professionals can set up their products and launch user-friendly portals, with less IT dependence. Founded by technology experts and insurance veterans, Joshu was designed to give insurance professionals the tools they need to harness digital distribution and go-to-market faster. Joshu is backed by top investors, Blumberg Capital, Engineering Capital, Correlation Ventures, Innovation Endeavors, and Sure Ventures. Learn more at joshuins.com.
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