Raincoat is a thoughtful insurance start-up that seemingly seeks to put the customer first in the face of climate disaster. The company promises to “make payments immediately after a climate disaster.” That is, it won’t wait for proof. It also vows to cover losses that other insurers tend to overlook. For example, Raincoat will support the loss of income affected by the disaster, as well, which is a great way to build loyalty and come out on top of the competition in the race for consumer preference.
Raincoat’s thoughtful insurance business model was informed by the real-life experience of one co-founder. Following the aftermath of Hurricane Maria in Puerto Rico in 2017, Jonathan Gonzalez struggled to reach his mother for three days and once he did, he helped her file an insurance claim for a quick repair that took the insurance company days to acknowledge.
Image Credit: Raincoat
