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April 25, 2019

Insurance exchange MarketScout invests in cyber insurtech start-up Wingman

MarketScout , an American electronic insurance exchange and specialty managing general agent (MGA), has made an undisclosed investment in cyber insurtech start-up Wingman.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

MarketScout made the investment in the Wingman insurtech platform through its MarketScout InsurTech ventures (MIT).

As part of the collaboration, Wingman will be included to MarketScout’s MGA Accelerator programme and placed on the MarketScout Exchange.

Wingman offers retail agents access to cyber insurance coverage in a 60-second quote to bind electronic format. It offers insurance policies within two minutes.

MarketScout CEO Richard Kerr said: “Wingman is by far the most impressive quote to bind offering we have analysed.

“The Wingman offering provides retail agents the ability to quote, bind, pay, and issue policies in less than three minutes. Many talk about this efficiency but few are able to actually deliver. Wingman delivers.”

Wingman CEO G Philip Feldman said: “We are excited about our partnership with MarketScout. We share the common goals of making insurance buying as easy as an Amazon purchase and only offering the broad policy coverage policyholders expect.”

Besides operating as an MGA, MarketScout offers its services as a Lloyd’s Coverholder and wholesale broker.

It has developed a new method of electronically distributing and underwriting insurance and manages more than 40 other online and traditional underwriting and distribution venues.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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