Risk Cooperative Launches a Solution to Help Protect Remittances
WASHINGTON, May 17, 2019 /PRNewswire-PRWeb/ -- Risk Cooperative, an innovative risk and insurance advisory firm and coverholder at Lloyd's, announces the launch of a solution designed to help protect international remittances. The technology-enabled platform offers the international community residents working in the U.S. peace of mind by helping to protect the ability to provide money to their loved ones in their countries of origin, in the case of their death.
According to the World Bank, of the more than $600 billion in remittance flows around the world, the diaspora populations in the U.S. account for the largest share of senders from any single country, sending more than $60 billion annually. For many people around the world, particularly in developing countries, the receipt of remittances is essential to their economic security. Indeed, at scale remittances account for up to 37% of GDP for some countries. For this reason and with the human factor at heart, remittances are the world's most important development cashflow and the least secure in terms of interruptions due to insurable events. These interruptions can lead to families and loved ones experiencing financial difficulties, especially since remittances have proven to not only be recession proof, they are a key source of hard currencies in many countries suffering from hyper-inflation, endemic poverty and other economic risks.
In terms of purchasing power, remittances from advanced economies when converted into local currencies around the world, prove that even a little can go a long way. "Our vision since we established Risk Cooperative, was to make the world more resilient by bridging the innovation gap that makes many communities hard to insure or uninsurable by today's standards. Looking at the 40 million strong diaspora population in the U.S., and how essential they are to economic security around the world, it was obvious that we had to do something to help provide them with peace of mind protecting their loved ones in their home countries," said Dante Disparte, Risk Cooperative's founder and CEO.
Initially available in select states, Risk Cooperative's Remit Insure solution offers an easy technology interface where applicants can apply for coverage, designate their beneficiaries and select up to $50,000 in term life insurance protection. Eyeing a national roll out, Remit Insure is expected to be available across the U.S. and via key partners to eligible applicants.
"The advent of this solution not only creates an opportunity to guard against the interruption of remittances, it offers the money transfer providers, who face constant price pressure, banks, associations, employers and others, an opportunity to make a difference leveraging their scale," added Dante Disparte.
With pricing, coverage and underwriting conditions simplified to purchase financial protection with no medical exams and a simple application process that takes minutes, competitively priced coverage for an important world cashflow concern is now available.
About Risk Cooperative
Risk Cooperative, a coverholder at Lloyd's, is a specialized strategy, risk and insurance advisory firm licensed to originate, place and service innovative risk-transfer and insurance solutions in all 50 states, D.C. and Puerto Rico. Risk Cooperative helps organizations address risk, readiness and resilience through a comprehensive service and solution offering in partnership with leading insurance companies and value-adding partners.
For more information visit: http://www.remitinsure.com
SOURCE Risk Cooperative
