Artificial intelligence (AI)-powered insurtech NOW Insurance has secured funding from Arch Capital Group subsidiary to expedite growth.

The insurtech intends to utilise the latest investment to introduce a new array of medical malpractice products, enhancing its platform and growing distribution networks. 

The proceeds from the fundraising round will also be used to launch a portal for brokers to facilitate them in filing and binding medical malpractice coverage online for physicians.

NOW Insurance CEO Philip Cabaud said: “I am very excited to further strengthen our partnership with Arch. As an innovative company and leader in the Insurtech space, they understand the potential of our platform and have shown their commitment to helping it succeed.”

Established in 2019, the insurtech specialises in medical professional liability coverage. It focuses on delivering tailored coverage for physicians and healthcare providers. 

The company uses advanced technologies such as machine learning and predictive analytics to offer seamless experiences for clients. 

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Commenting on the investment, Arch Capital Group chief strategy and innovation officer Jay Rajendra said: “NOW Insurance’s innovative approach to the medical malpractice market aligns with Arch’s commitment to using analytics and AI to deliver an exceptional broker experience. 

“We’re looking forward to bringing NOW’s platform to our broker partners and working closely with NOW to further develop their analytics capabilities.”