Markel Insurance has launched InsurtechRisk+, a new insurance product designed for insurtech businesses.
The product offers protection for businesses domiciled in the UK, Europe, Australia, Asia and Canada, with limits up to £10m.
The package includes four insuring clauses: insurance services and technology liability; directors and officers (D&O) liability; crime; and cyber liability and loss cover.
InsurtechRisk+ policyholders will have access to a suite of support services such as legal and business advice, tax consultation, debt recovery and cyber risk management tools.
These services are available throughout the policy term at no additional charge, the company said.
Markel’s head of fintech and investment management insurance, Nick Rugg, said: “Our newly created InsurtechRisk+ policy provides superior cover, reflecting the many cyber exposures that insurtech companies face today and our continued dedication to providing bespoke risk management and transfer solutions for our insurtech/fintech insureds, backed by an award-winning claims team.
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By GlobalData“Another key goal in launching InsurtechRisk+ is to offer best-in-class cover alongside risk management solutions that go beyond typical post-loss assistance for policyholders.”
The product launch follows Markel’s recent partnership with Insurate, which focuses on enhancing workers’ compensation insurance using AI and safety scoring.
Insurate’s platform leverages AI algorithms to analyse datasets and offer insights into workplace safety performance.
