NARDAC introduces unique renewable energy insurance on Joshu’s platform

Joshu has announced that NARDAC Insurance Services (NARDAC), a Lloyd’s coverholder, has successfully implemented and launched Joshu’s policy management platform.

NARDAC sought a modern solution to effectively manage their new Community Solar programme, which aims to provide insurance for commercial and industrial solar PV sites in the United States. With the solar power industry experiencing significant growth at an average rate of 20% or more each year, the market size is projected to double from $17.2 billion to $35.6 billion within five years. Consequently, it has become essential for organisations like NARDAC to offer a contemporary user experience to cater to their expanding 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 modernised, 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 programmes 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.”

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