#USA #New York #Markel Insurance #InsurtechRisk+

Markel Insurance Launches InsurtechRisk+

In an effort to meet the evolving needs of insurtech businesses, Markel Insurance, part of the Markel Group Inc. (NYSE: MKL), has unveiled its latest product, InsurtechRisk+. This innovative insurance package is tailored specifically for businesses not just in the UK but across Europe, Australia, Asia, and Canada. With coverage limits reaching up to GBP £10 million, InsurtechRisk+ aims to provide a comprehensive solution addressing key aspects of the insurtech market.

Key Features of InsurtechRisk+

The InsurtechRisk+ package incorporates four primary insuring clauses:
1. Insurance Services and Technology Liability: Addressing the unique risks faced by technology-driven organizations.
2. Directors and Officers Liability: Protecting personal assets against claims resulting from their decisions and actions within the company.
3. Crime Coverage: Offering protection against financial losses resulting from criminal acts.
4. Cyber Liability and Loss Coverage: Acknowledging the increasing threats in the digital space, InsurtechRisk+ provides key protections against data breaches and cyber attacks.

By bundling these coverage areas, Markel ensures that insurtech companies can avoid potential coverage gaps that could arise from managing multiple policies across different insurers.

Value-Added Services

Beyond the core insurance components, InsurtechRisk+ offers an array of value-added services, accessible at any time during the policy period. These services include:

• - 24/7 Business, Legal, and Employment Advice: Providing businesses with essential support whenever challenges arise.
• - Research and Development Tax Advisory: Helping companies leverage tax incentives aimed at fostering innovation.
• - Debt Recovery Support: Assisting businesses in managing their financial backings effectively.
• - Grant and Funding Assistance: Aiding firms in navigating the often confusing world of funding opportunities.
• - Contract Reviews: Ensuring that agreements meet industry standards and protect the company’s interests.
• - Cyber Risk Toolkit: Equipping companies with tools necessary to manage and mitigate cyber risks.

A Step Forward in Risk Management

Nick Rugg, Head of Fintech and Investment Management Insurance at Markel International, highlighted the necessity of such products in today’s market. He stated, “The cyber risk landscape has evolved significantly, with advanced attacks emerging that leverage AI technology to breach networks and compromise sensitive data.” The InsurtechRisk+ policy is designed to address these emerging risks and to provide a robust and personalized approach to risk management for insurtech firms.

Additionally, Rugg articulated that a primary goal for Markel with the InsurtechRisk+ rollout is to provide cover that is not only best-in-class but also enriched by risk management support that exceeds the standard post-loss assistance traditionally offered in insurance contracts.

Redefining the Role of Insurers

Markel is determined to challenge the conventional perception of insurance. Rugg emphasizes, “We want to transform how customers view insurers; we’re not just here to help after an incident occurs, but to proactively assist in preventing them.”

With this pioneering approach, Markel aims to set a new standard in the insurtech space, ensuring that businesses can focus on growth without the constant worry about potential liabilities that could impact their operations.

As Markel prepares for the broader rollout of InsurtechRisk+, it looks forward to contributing positively to the landscape of insurtech businesses, equipping them with tools, knowledge, and coverage necessary for success in a volatile and rapidly changing environment.

In conclusion, InsurtechRisk+ represents a significant advancement in how insurers can respond to the unique challenges faced by insurtech firms, blending coverage with proactive risk management. This innovation could become a vital asset for businesses looking to thrive in the dynamic world of technology.