DOMCURA provides no-nonsense flood coverage for homeowners
iptiQ enables DOMCURA to offer flood insurance cover to properties in high risk flood regions in Germany
- The new insurance product provides flood cover for nearly 100,000 properties in the highest risk flood zones in Germany
- At the heart of the product is a fast and simple insurance solution with a straightforward questionnaire
- As a result, DOMCURA are the first and only provider of such a product in the broker channel
- The collaboration with iptiQ, means DOMCURA gains access to both a primary and reinsurance partner at once
DOMCURA, a leading managing general agent (MGA) and provider of private property insurance, is acutely aware of flood risks in Germany. Headquartered as it is in Kiel, the capital of Schleswig Holstein, which has a 1,000 km coastline and almost 4,000 sq.km of flood-prone coastal lowlands.
The population of the region is around 345,000 people and economic assets are around EUR 46 billion. So it’s understandable that DOMCURA was keen to offer uncomplicated flood coverage to its customers. Our extensive knowledge of flood risks helped DOMCURA build out its suite of homeowner insurance products, including a new flood protection element.
Portfolio expansion for DOMCURA
DOMCURA is continuously looking for new opportunities to improve its product offering and increase revenues. As a leading property MGA, it wanted to be able to offer coverage throughout the region, including for Zürs4, Germany’s highest risk flood zone. Cover wasn’t available from existing insurers for properties in this area. To offer flood coverage in high-risk areas also invariably requires a reinsurance partner, that DOMCURA hadn’t been able to find previously. Joining forces with iptiQ solved these problems and positioned DOMCURA as an innovator and strong partner for the local broker agents.
Flood protection with multiple benefits
Tapping into Swiss Re’s pricing capabilities, iptiQ was the only insurer capable of providing adequate flood protection for the in Zürs4 regions. Now DOMCURA is able to offer insurance cover to 104,000+ properties in this area. iptiQ’s solution has a simple, more streamlined risk assessment process, giving DOMCURA an edge over its competitors. It also offers provides access to both the primary insurer and the reinsurance partner. In addition, DOMCURA benefits from real-time portfolio monitoring, enabling earlier identification of trends and definition of appropriate measures.
Closing the flood protection gap for homeowners
Only 43% of German homeowners currently buy flood insurance. This yawning protection gap is cause for concern, as insurance allows homeowners to rebuild their property after an extreme weather event. The partnership between iptiQ and DOMCURA is designed to help address this challenge. At its heart is a fast and simple insurance solution, characterised by a user-friendly, straightforward questionnaire, with just 8 questions.
iptiQ is laser-focused on getting it right for its partners, and prides itself on delivering at top speed, at the right cost – to make insurance easier and more engaging for the consumer. Competitive products, swift partner onboarding and a seamless, streamlined consumer journey provides the foundation for success with DOMCURA.
" iptiQ’s knowledge of extreme weather events and natural disasters is unrivaled and we’re thrilled to have such a partner at our side. Together, we developed a product which insures so-called ZÜRS4 properties – those located in the most vulnerable flood zones – with acceptable premiums and deductibles, even including prior damage.
Currently, we’re the only provider in Germany with nationwide coverage. The innovative and creative power of the iptiQ team matches well with our industry reputation as an insurance specialist with novel solutions and digital pioneering spirit. "
Uwe Schumacher, CEO of DOMCURA