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September 16, 2022

Counterpart introduces crime insurance for small businesses

Management liability insurtech Counterpart, backed by Aspen Insurance, has unveiled an artificial intelligence (AI)-based product to equip small businesses with crime risk management capabilities.

The new crime insurance proposition allows identification of employee theft and social engineering threats using Counterpart’s underwriting system.

This underwriting system, powered by machine learning, offers risk reduction guidelines and also enables employee sentiment evaluation.

Available through Counterpart’s wholesale broker partners, the offering covers small businesses having staff headcount of below 250 and less than $100m in revenue and total assets.

The coverage can be bought either on a standalone basis or packaged with existing directors and officers, employment practices and fiduciary insurance lines.

Counterpart Insurance head Mike Levins said: “Small businesses often lack the internal auditing and risk management capabilities of larger businesses, which can make them more susceptible to crime risk.

“Our extensive underwriting experience, proprietary data infrastructure, and increased market presence have enabled us to craft a crime product that complements our existing insurance lines.”

Aspen Management Liability executive vice president Zac Clammer said:  “Counterpart has established an impressive track record of innovation.

“We are pleased to continue developing our partnerships with Counterpart across the growing portfolio of excess and primary small business insurance products that we are bringing to market.”

In July this year, Counterpart joined forces with Aspen Insurance to launch an excess insurance product.

The offering, targeted at small businesses, has a maximum limit of $3m.

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