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McKenzie Intelligence Services teams up with hurricane insurance MGA Yokahu

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Geospatial imagery and (re)insurance intelligence InsurTech McKenzie Intelligence Services (MIS) has partnered with MGA McCosh Holdings – trading under the name Yokahu – to provide hurricane and tropical cyclone insurance to “everyday people” by using parametric underwriting and data visualisation.

Yokahu is an approved cover-holder at Lloyd’s and set to launch in Jamaica, the US Virgin Islands, the Bahamas and St Lucia in 2021, with further expansion planned for 2022.

With the partnership, MIS becomes the sole trigger data provider for Yokahu’s hurricane insurance product.

MIS will also use data gathered from its Global Events Observer platform to verify the parametric triggers for Yokahu’s insurance payouts during a hurricane event.

Tim McCosh, founder of Yokahu, said: “Our parametric approach means a claims payout is determined by the severity of the event at hand – and therefore can be triggered automatically.

“And we have arranged these funds to be transferred to an individual’s mobile phone, so they have easy access when it matters most.

“We have future ambitions beyond hurricane, and our partnership with MIS will enable us to create new products more quickly whilst maintaining customer and underwriter trust.”

MIS founder Forbes McKenzie said: “I’m delighted to be partnering with Tim and the innovative team at Yokahu to verify the parametric triggers for its ground-breaking hurricane insurance product.

“We originally supported Tim and his team as the data set provider to support the underwriting models for this product, so we are confident in this next step.”

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