kWh Analytics announced the expansion of its insurance business with new excess natural catastrophe coverage through its licensed insurance entity, Solar Energy Insurance Services Inc. This entity specifically addresses the growing need for severe convective storm protection in the renewable energy market.

This new offering complements kWh Analytics’ existing property capacity, which provides 100% operational and construction coverage for solar, wind, and battery energy storage assets. The excess natural catastrophe layer will provide up to $20 million in additional capacity specifically covering damage from severe convective storms and named windstorms in non-coastal regions.

kWh Analytics’ aims to reward resilience through its underwriting process. Projects that implement protective measures such as hail stow capabilities, reinforced module characteristics including glass thickness, and proper O&M protocols benefit in the excess layer as they do in primary coverage.

To provide a standardized framework for evaluating hail resilience and offer insurance credit for protective measures, kWh Analytics and VDE Americas have developed the Hail Stow and Risk Evaluation tool. This assessment examines factors including panel specifications, tracker stow angles, forecasting systems, and testing protocols. Projects demonstrating robust hail defense strategies through this evaluation can secure more favorable terms, even in the excess layer.

Excess Natural Catastrophe coverage is available immediately through select specialist energy broker partners.

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ACORD, a global standards setting body for the insurance industry, launched the Next-Generation Digital Standards (NGDS) Object Model.

Designed to enable a more effective flow of standardized data between enterprise systems across the insurance industry, the model aims for smoother, more accurate, and more secure data exchange.

The NGDS Object Model works to bridge the gap between distinct business capabilities and disparate data elements, providing carriers with a structural framework for executing essential functions such as underwriting, policy management, and claims administration. It also streamlines technical processes such as building APIs and configuring internal company systems.

By using the model, insurers will be able to leverage current and emerging technologies through the implementation of ACORD Standards, such as transactions involving mobile apps, Internet of Things, cloud computing, or AI-driven systems. The model can also be adapted to fit into any operational system regardless of its current level of digitalization.

Key benefits of the NGDS Object Model include alignment with ACORD Reference Architecture for consistent data mapping, application of standards across domains and use cases, collaboration between business and technology teams, and reduced implementation time, according to a company press release.

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Origami Risk, a risk, safety and insurance Software as a Service (SaaS) technology firm, launched a new cloud-native core solution for smaller and startup managing general agencies.

Designed for MGA startups and those with less than $100 million in direct written premium, Origami’s Direct Deploy for MGAs is a fully functional core solution that enables MGAs to be fully operational within weeks.

Its approach provides a structured requirements-gathering process to facilitate understanding of business needs while maintaining industry best practices and predefined sprint plans with timelines and schedules. It also includes standardized resourcing and staffing plans, as well as grow-with-you pricing and a user guide.

Sources: kWh Analytics, ACORD, Origami Risk