- The market size of the homeowners’ insurance industry in the US is $199 billion
- There are 2,487 businesses in the insurance industry
- 105,554 people are employed in the insurance industry
- Main activities of insurance are assuming and managing property damage risks due to losses from catastrophic weather, fire, theft and other causes
- Three hurricanes every two years and one major hurricane every other year occurs in Florida
Online Purchase of Insurance
A new technological innovation by UPC insurance has revolutionised the ability of condo owners in Florida to purchase condo insurance online, in real time. Skyway.com enables condo owners to obtain a quote and purchase HO6 insurance almost at the same time. It was created by UPC, who have been helping condo owners living in Florida’s coastal cities to overcome natural disasters and their ensuing property damage for over twenty years. A UPC affiliate already underwrites 40 percent of all the condo buildings in Florida. Condo owners living in those buildings will see a reduction in their condo insurance policy when purchasing it on Skyway.com.
There has been a trend across all forms of business during recent years, stemming from Amazon’s generational leaps forward in delivery service (and the increased expectations this led to), for consumers to be drawn towards convenience. As Chris Griffith (COO and CIO of UPC and President of Skyway.com) puts it: “from e-commerce to ride-sharing apps, consumers are increasingly choosing the convenience of online solutions that are quick and effective”.
UPC provides this convenience with the ability for customers to “get a quote in seconds and bind and pay for that policy within minutes”. UPC is a pioneer in condo insurance policies that are direct-to-consumer in Florida’s coastal areas.
By merely entering a home address, a customer will be provided with a quote and is able to buy the condo insurance on the spot. The Skyway team continues working behind the scenes in order to keep providing the services and resources needed for Skyway to continue to offer a customer-friendly experience to new policyholders.
given that at this time several insurance carriers are leaving the state of Florida to decrease their exposure to massive losses. This would make it more difficult to buy HO6 condo insurance but UPC Insurance’s Skyway offers a solution: the reliable purchase of premium insurance for coastal condo unit owners that is both smooth and simple.
Importance of Insurance in Florida
Coastal property insurance is specifically designed for homes situated along the coastline; a home in such an area necessarily faces different risk factors to one far inland. For that reason, many mortgage lenders and/or condo associations actually require condo owners to get HO6 insurance in Florida. From 2013-2017, the average claim severity for property damage and liability homeowner losses was $12,474. That expense is much higher than the cost of buying a condo insurance premium, which covers damage to the interior structure or personal property within a condo.
The innovative technology behind Skyway.com streamlines the entire process and makes it completely stress-free.
At the same time,with Skyway.com, condo owners receive the best of both worlds: a quick and pain-free online quote/purchase process and the superior coverage of an insurance carrier that is well-versed in underwriting such policies in Florida.
About the Creators
UPC Insurance, founded in 1999, is an insurance holding company that launched skyway.com. It sources, writes and provides insurance policies for personal and commercial residential property, as well as casualty insurance policies.
Skyway.com is brought to consumers by UPC in collaboration with Duck Creek Technologies . This company is a top provider of core system solutions. UPC’s product amalgamates a policy/billing administration system built on Duck Creek ‘OnDemand’; this is a software-as-a-service (SaaS) platform created specifically for property, casualty and general insurance carriers.
This enables insurance carriers to more aptly traverse uncertainty and realise market opportunities faster than their competitors. The ‘functionally-rich solutions’ of Duck Creek’s ‘OnDemand’ are available on a standalone basis or as a full suite.
Closing Remarks
On balance, the pioneering, technological leap forward that has occurred as a consequence of Skyway’s inception revolutionizes the ease with which coastal condo insurance can be bought; making it effectively hassle-free to buy with UPC’s new online platform.
