Cogitate and Xceedance Collaborate to Establish Colorado FAIR Plan Insurer in Record Time

The Launch of Colorado FAIR Plan: A Swift Response to Insurance Needs

In an extraordinary collaboration, Cogitate and Xceedance have successfully established the Colorado FAIR Plan, a new insurer aimed at providing property insurance to homeowners and businesses in Colorado's high-risk wildfire and hail regions. This ambitious initiative was completed in a remarkable 16-week timeline, showcasing the effectiveness of strategic partnerships in the insurance sector.

Addressing the Insurance Gap

The Colorado FAIR Plan is dedicated to ensuring access to essential property insurance for those facing challenges in the standard market. In a state prone to natural disasters, such as wildfires and hailstorms, the plan serves as a vital safety net for residents needing reliable insurance coverage. The partnership between Cogitate and Xceedance made it possible to launch this initiative, which commenced issuing policies in the spring of 2025.

Agile Development and Deployment

To bring the Colorado FAIR Plan to fruition, Cogitate leveraged its DigitalEdge Insurance Platform, which offers an integrated suite of modules encompassing policy administration, billing, and claims management. The development process required to configure these systems was painstakingly crafted within a mere 16 weeks—an impressive feat made possible through prompt deployment capabilities and pre-existing integrations with essential third-party data partners. This efficiency was further enhanced by the dedicated collaboration with Xceedance, which led the business requirements and orchestrated user acceptance testing, ensuring a robust end-to-end implementation.

Enhanced User Experience Through Technology

The integrated platform streamlines risk evaluation, allowing for faster submissions thanks to real-time data sourcing from multiple partners like ZestyAI, e2Value, and Verisk, among others. This technological synergy not only improves the experience for agents and users but is also designed to ensure a high level of policyholder satisfaction. The platform is set to incorporate commercial coverage shortly, making it an even more comprehensive solution for those in need.

Building Operational Frameworks

In addition to developing the technological backbone of the Colorado FAIR Plan, Xceedance played a pivotal role in setting up the necessary operations to run the Plan effectively. This encompasses a variety of critical functions, including property inspections, customer service, underwriting, claims management, and more. Xceedance's meticulous attention to building relationships across various vendors has created a seamless environment for operational success.

The new insurer is designed with flexibility in mind, capable of adjusting its operational capacity in response to the evolving market demands while ensuring built-in cost efficiencies and a digital-first approach to service delivery.

The Significance of This New Launch

The rapid launch of the Colorado FAIR Plan represents not just a success for the involved companies but also a significant milestone for the insurance ecosystem at large. As Kelly Campbell, Executive Director of the Colorado FAIR Plan stated, this initiative enables the organization to serve as the market of last resort for individuals grappling with the unique insurance challenges posed by living in high-risk areas. The collaborative effort by Cogitate and Xceedance has resulted in an innovative solution to the challenges plaguing the insurance market today.

Arvind Kaushal, CEO of Cogitate, emphasized the broader implications of this deployment, pointing out how residual market entities are increasingly vital in addressing protection gaps within the insurance landscape.

Future Prospects

As Xceedance continues to provide scalable support and the insurance market evolves, the Colorado FAIR Plan stands poised to meet a growing demand for coverage in high-risk regions. The innovative model and strategic partnerships behind this initiative herald a new era in the insurance sector that prioritizes accessibility and transparency, particularly for those in need of coverage the most.

Conclusion

The Colorado FAIR Plan marks the first of its kind to be launched in the United States in over three decades, demonstrating the power of collaborative execution and the role of modern technology in extending access to vital insurance services. With a firm commitment to addressing the needs of Colorado’s residents, both Cogitate and Xceedance are thrilled to play a part in this substantial leap forward in the insurance industry.