Company: Assurant, Inc.
Company Description: Assurant, Inc. is a leading provider of specialty insurance products in the U.S. and select worldwide markets. Assurant partners with industry market leaders to deliver security and peace of mind for our customers. With more than 100 years of experience in the insurance industry combined, Assurant is led by a team of talented employees whose industry expertise drives our strong performance.
Nomination Category: Products & Product Management Awards Categories
Nomination Sub Category: New Product or Service of the Year - Business-to-Business Products

Nomination Title: Assurant’s Solar Group Year in the Sun

Tell the story about this nominated product or service (up to 525 words). Describe its function, features, benefits, and performance to date:

When Assurant, a specialty insurance provider, thought about entering the renewable energy market, we decided to walk in the shoes of our would-be customers by installing solar panels on one of its office buildings. This research effort gave birth to Assurant Solar Project Insurance and the largest solar installation in the Springfield-Dayton, Ohio area. Despite the robust growth in the solar industry, more than half of the commercial-sized solar installations being proposed will never see the light of day. We looked to find out why and develop an insurance product that would help project developers build more solar installations across the country.

Working with third-parties to develop our own project and listening to industry participants, we learned that these projects are often overlooked by other insurance companies because of their size, leaving solar project developers either paying higher premiums for insurance sized for larger projects or going without insurance protection completely. We also learned that more than 90 percent of the lending institutions in the country are not investing in solar energy. Investors and financial institutions are worried about the long-term financial viability of these solar projects because of market consolidation sweeping up solar panel manufacturers. We knew that we had to address both project developers and lending institutions concerns if we were going to develop a product that could help the industry continue to grow. Most of all we knew that we had to make the process simple. After the frustrations and delays we dealt with in getting our own project completed, we knew that the parties involved in getting a solar project off the ground didn’t want to get bogged down in more red tape.

 In May 2012, we launched Assurant Solar Project Insurance. This insurance bundle of property and liability coverage with a warranty management program is the first and only solar project insurance geared for commercial-sized solar projects between 100KW and 3MW. We developed a comprehensive insurance solution that is customizable and right-sized to fit each individual project, reducing costs for solar project developers that previously had shunned insurance that was priced for larger utility-scale projects. Critically, we created a warranty management program that specifically eliminates the fears of banks and financiers of solar installations not being able to generate energy and, therefore, revenue for them five to 10 years later. We do this by standing behind the components of a system in the event the original equipment manufacturer cannot. We provide one-call relief for warranty issues, authorizing and paying for repair or replacement of warranty-covered solar project equipment.

By eliminating the paper chase when it comes to manufacturers’ warranties, right-sizing our insurance offering and understanding the pain points of our customers, we were able to deliver an insurance offering that protects the financial viability of solar investments. As a result, Assurant Solar Project Insurance has been greeted with great support and enthusiasm from those in the industry as being good for developers, lenders and investors. And good for everyone who wants to encourage the development of more clean energy resources.

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Provide a brief (up to 125 words) biography about the leader(s) of the team that developed this nominated product or service:

Jeanne Schwartz is vice president of new venture commercialization for Assurant, Inc., a Fortune 500 company specialty insurance provider. Schwartz leads Assurant’s solar group, which provides innovative insurance protection products to the solar industry. Prior to this role, Schwartz led the company’s corporate strategic initiative development process serving as vice president of Assurant’s Incubation Team. Schwartz and her team helped develop Assurant Solar Project Insurance, the company’s first specialty insurance coverage for the solar market.

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