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Markel Launches InsurtechRisk+ for Insurtech Businesses

In a significant move for the insurtech industry, Markel Insurance recently announced the introduction of its new product, InsurtechRisk+. This offering is designed to meet the specific needs of technology-driven insurance businesses across multiple regions, including the UK, Europe, Australia, Asia, and Canada, with coverage limits reaching up to GBP £10 million.

Comprehensive Coverage for Modern Challenges

The InsurtechRisk+ package encompasses four essential insuring clauses that address key areas of risk faced by insurtech companies:

1. Insurance Services and Technology Liability
2. Directors and Officers (DO) Liability
3. Crime Coverage
4. Cyber Liability and Loss Cover

These clauses operate synergistically to provide robust protection against a landscape increasingly fraught with cyber threats and financial liabilities. By consolidating these insurances under one comprehensive policy, Markel aims to eliminate potential gaps in coverage that can arise when firms juggle multiple policies with varied insurers.

Value-Added Services Included

Among the many benefits included with the InsurtechRisk+ policy, insured parties will have access to a suite of value-added services designed to support their operations.

• - 24/7 Business, Legal, and Employment Advice
• - Research and Development (RD) Tax Advisory
• - Debt Recovery Assistance
• - Grant and Funding Support
• - Contract Reviews
• - A Cyber Risk Toolkit

These services are available at no extra cost, empowering clients to utilize them as needed throughout the duration of their policy. This comprehensive support framework is crucial for navigating the complex regulatory and risk environments typical in the fintech sector today.

Addressing Evolving Cyber Risks

As cyber threats become increasingly sophisticated, the launch of InsurtechRisk+ reflects Markel’s commitment to staying ahead of potential challenges. According to Nick Rugg, Head of Fintech and Investment Management Insurance at Markel, the insurance landscape has witnessed a marked evolution. Newer types of attacks—particularly those leveraging advanced AI technology—threaten to compromise the security of insurtech operations.

Rugg emphasizes, “Our newly created InsurtechRisk+ policy provides superior coverage that considers the plethora of cyber exposures currently facing insurtech companies, affirming our commitment to bespoke risk management.”

Disrupting Traditional Insurance Models

Markel’s intention with InsurtechRisk+ transcends merely offering a policy. They strive to reshape how clients perceive the role of insurers, expanding the focus beyond recovery post-incident to proactive risk management. Rugg expresses his enthusiasm for the product rollout, aiming to ensure that insurtech businesses are not only protected but also empowered to thrive in a challenging economic environment.

“By launching this cover, complete with tailored value-added services, we are poised to support the growth and resilience of insurtech firms,” Rugg concludes.

About Markel Insurance

Markel Insurance stands as a preeminent global specialty insurer, uniquely distinguished by a people-first approach. Operating under Markel Group Inc. (NYSE: MKL), the firm cherishes collaborative relationships with brokers, colleagues, and clients, crafting sophisticated solutions for intricate insurance needs. The launch of InsurtechRisk+ underscores their dedication to innovating within the insurtech field and their commitment to effective risk management practices.

In summary, with InsurtechRisk+, Markel not only offers critical coverage but also ensures that insurtech businesses have access to resources that support sustainable growth and risk mitigation in an increasingly complex world.