[November 14, 2017]

Vault Streamlines Underwriting for the High Net-Worth Market in Florida

Vault, an insurance company, has launched to serve the unique needs of the high net-worth market in Florida. Supported by Allied World, a global provider of insurance and reinsurance solutions, the founders of Vault set out to build a new, modern insurance concept and focused on creating an effortless client-broker experience. There will be an official ribbon-cutting event in Florida today to celebrate the company's first market, while plans include expanding to high net-worth (HNW) markets in other states in the near future.

From the start, Vault assembled an all-star team of industry veterans who built the company while looking for every opportunity to improve the underwriting process for clients and brokers. Using the latest technology in combination with broker and client feedback, Vault's founders created a model that streamlined and simplified the underwriting process, surpassing the confines of traditional providers. The result: better protection for clients with lower costs and allowing brokers to focus on servicing their clients' needs and growing their business.

Empowering Agents through Trust & Technology

With the Vault platform, brokers answer a few simple questions about their clients. The platform then validates responses using reliable, third-party data. Eventually, brokers will be able to generate a quote in a matter of seconds and bind instantly - providing clients with the coverage they need.

"We are aligning Vault with the most professional HNW agents and equipping them with a highly advanced underwriting tool. We understand speed is critical for agents so they can focus on sales and service," said Charles Williamson, Chief Executive Officer at Vault. "No other HNW company offers its agents this kind of competitive advantage. And ultimately, HNW consumers win with better service and lower costs."

Multiple Risks n One Platform

The needs of the HNW clients often require multiple policies to protect their hard-earned assets, such as homes, art and other valuable articles. With traditional providers, this translates to three separate transactions.

Built on a philosophy of simplicity for the client and the broker, Vault bundles and packages this coverage under one seamless transaction - making the delivery simple and thoughtful.

One Team, One Solution, One Workflow

The more unique the asset, the more complicated the risk. Traditional carriers force brokers and clients to deal with multiple departments. With Vault, the same platform, department and team handle all aspects of risks - making it faster and more cost-effective for brokers to solve their clients' problems and focus on growing their business.

"Vault was truly built from the outside in. We met with countless brokers and clients to design a platform that addressed their frustrations," said Stacy Warren, Chief Sales & Customer Experience Officer at Vault Insurance. "The team was single-minded in our goal to simplify the process and ultimately make everyone's life easier. We think the result will redefine the future of personal insurance, especially in the HNW market."

Complete Coverage Solutions, Proactive Risk Management, Quick & Simple Claims

Thoughtful, dynamic and built around the HNW clients' unique needs, Vault will offer complete coverage solutions - including Home, Lifestyle and Lux insurance plans. The company's array of risk management services will be tailored to proactively protect clients' homes and valuables from fire, theft, natural disasters and more.

In the unfortunate event of loss or damage, Vault uses the latest advancements in technology to inspect homes or belongings quickly and remotely. Alternatively - depending on the client's preference - the company will deploy claims experts to assess the situation in person. Vault's adjusters have the autonomy to make decisions, keeping its claims process simple, positive and personalized.

About Vault

Founded in 2017, Vault is a modern insurance concept built from the outside in, based on input from leading agents, and brought to life by an empowered group of extraordinary professionals. The company is a unique combination of a policyholder-owned reciprocal insurance exchange and a surplus lines company focused on serving the unique, fast-changing needs of the affluent. Vault is majority-owned and supported by Allied World, a global leader in insurance and reinsurance. Allied World provides significant capital and operational support to Vault. Further information on Vault's product offerings and financial ratings are available at vault.insurance.

Vault: thoughtful, dynamic, simple- built around you.

Vault is the marketing name used to refer to Vault Reciprocal Exchange, a Florida-domiciled reciprocal insurance exchange managed by Vault Risk Management Services, LLC as its attorney-in-fact, and its affiliates. Certain products and services may be provided by its affiliates. Certain coverage may be provided by an affiliated surplus lines insurer. Not all products and services may be available in all jurisdictions and the terms and conditions of all products are subject to the applicable policy language.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171114006012/en/

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