QBE North America has unveiled a property insurance product, which leverages feedback from brokers and customers along with AI-powered market analysis to offer coverage.
Dubbed QBE Custom Property product, the new proposition includes 33 additional coverages, 50 property endorsements, and 22 crime endorsements.
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The offering has a modular approach, enabling brokers and QBE underwriters to customise a programme for each customer.
QBE North America chief underwriting officer John Beckman said: “Our use of Bold Penguin’s RiskGenius artificial intelligence platform, which we have fully integrated with our systems, really helped with the development.
“It enabled us to quickly and thoroughly compare key policy terms and conditions in the marketplace and deeply drill down to the specific nuances of the coverages available.”
The new product includes a first party cyber coverage endorsement. It covers business interruption, data recovery and incident response service expenses.
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By GlobalDataQBE Custom Property product also offers crime coverages including computer fraud, funds transfer fraud, or money and securities destruction without the requirement of a stand-alone Crime form.
It also offers CAT capacity availability with flat or percentage deductible options, as well as dependent property coverage including time element.
The new product is currently available in 29 states for new business policies from next month and renewal policies from 1 April. Plans are on for a roll-out in all 50 states.
QBE North America president of Specialty & Commercial Tom Fitzgerald said: “Mid-size businesses face rapidly evolving and complex property risks.
“Our new property policy responds by providing comprehensive coverage in a very flexible, modular policy structure.”
QBE North America is part of Sydney-based QBE Insurance Group.
In May 2020, QBE Insurance Group announced that it will raise about $825m to deal with the economic crisis stemming from the Covid-19 pandemic.
