Risk manager joins real estate-related insurtech
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Jason Mezyk, former vice president of risk and insurance at Revantage Corporate Services, a Blackstone Inc. unit, has joined RiskRelease, an insurtech focused on coverage of multifamily real estate units, as CEO.
Dallas-based RiskRelease, which has been in development for about a year, offers compliance and insurance services to property managers related to compulsory renters insurance.
The company’s systems can track renter insurance policies to ensure they are purchased, maintained and renewed, and provide insurance where it is required, Mr. Mezyk said in an interview.
“What we have identified is that 40% to 50% of renters have compliant renters insurance as required by their lease agreement,” he said. “That’s a big problem when it comes to being an owner/operator of a multifamily community because if you have a loss and the renter doesn’t have insurance, it impacts your net operating income.”
The company offers a rental insurance waiver program, which for a monthly fee automatically enrolls renters who elect not to purchase their own coverage. The program provides up to $100,000 of renters legal liability insurance. RiskRelease uses a captive to support its ability to offer the waiver program, he said.
“Then every renter is compliant, and should the renter choose to purchase their own renters insurance, RiskRelease will review it for compliance, document it and monitor it on a day-to-day basis,” Mr. Mezyk said.
