– Paper Positions the Florida Startup Community as a Viable Solution to the CitizensProperty Insurance Corporation Depopulation Challenge –

MARLBOROUGH, Mass.--(BUSINESS WIRE)-- Blue Cod Technologies, Inc., the leading Managed Insurance Services Provider for the property and casualty (P&C) industry, today announced the availability of a white paper detailing the history and challenges associated with the Florida insurance market crisis. The paper titled, “Private Sector to Solve Public Sector Problem” positions the Florida startup community as a viable solution to the Citizens Property Insurance Corporation (Citizens) depopulation challenge.

“Private Sector to Save Public Sector Problem: How the Private Startup Community Can Fix the Florida Insurance Crisis” details the history of the Florida insurance market decline, providing commentary on the legislation, market changes and weather events that have left the state carrying more than $500 billion in total exposure. The paper states that although the startup community could help depopulate Citizens, the complex assumption process may have stymied the business opportunity in Florida. Blue Cod contends that with the creation of sound and reputable startups, the state can ease the approval process for takeout companies, thereby effectively and successfully diversifying Florida’s exposure.

“Partnering with our clients through the Citizens assumption process has given Blue Cod an insider’s perspective on the challenges a takeout company faces,” said Simon de Montfort Walker, Blue Cod Technologies, Inc. “With Florida’s exposure threatening its solvency, we have seen the government react in an effort to protect consumers, policyholders, and the state at large. However, current legislation has not reduced Florida’s risk and Blue Cod maintains that the startup community represents the only real solution for successfully depopulating Citizens.”

The popular discussion regarding the Florida insurance market has focused on the challenges for the government, the financial devastation of a potential storm, and the expensive policies forced on consumers as well as the few alternatives they have for coverage providers. Blue Cod’s white paper offers guidance on how to create a strong takeout company that can effectively assume policies from Citizens through:

• Easing the approval process for the government by qualifying reputable takeout companies that can successfully assume policies from Citizens;
• Supporting startup carriers throughout the incubation process;
• Providing OIR/FDS-compliant insurance services for approved takeout companies to ensure the continuity of new carriers in the market;
• Instilling confidence in the consumer market that their coverage will be handled by a proven and industry-acknowledged team and framework to help reduce the opt-out percentage after the 30-day assumption period; and
• Enabling more private market carriers to enter the Florida insurance market, thereby diversifying the state’s risk while creating better coverage options for consumers.

Blue Cod is hosting a webinar on the topic. Delivered by Walker, the presentation will focus on Blue Cod’s position that the well-resourced startup carrier can resolve the Florida insurance crisis. Attendees will be encouraged to participate and share their opinions, comments and questions via a private channel.

Click here to request a complete copy of Blue Cod’s white paper.

Click here to register for the free webinar.

About Blue Cod Technologies, Inc.

Blue Cod, the leading provider of Managed Insurance Services for the property and casualty (P&C) industry, addresses the support and technology needs of carriers in the Earthquake, Homeowners, Auto, Farmowners and Commercial Package markets. Blue Cod’s team of experienced insurance, technology and implementation specialists deliver high-end insurance services at a lower operational and capital expense than can be achieved through an organization’s internal staff. Blue Cod offers customers the ability to create customized solutions or take advantage of specialized programs such as CEA Process, Coastal Homeowners, FAIR Plan Process and Assigned Risk Auto.

Blue Cod Technologies, Inc.
Karen Regan, 508-683-2876
karen.regan@bluecod.com
or
Blue Cod Technologies, Inc.
James Stolberg, 508-335-9370
james.stolberg@bluecod.com

Source: Blue Cod Technologies, Inc.