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Markel launches InsurtechRisk+ product for insurtech businesses

1. Markel launched InsurtechRisk+ for insurtech businesses globally. 2. Policy covers cyber liability, D&O liability, crime, and technology liability. 3. Value-added services include legal advice and cyber risk toolkit. 4. Policy addresses complex cyber threat landscape specific to insurtech. 5. Markel emphasizes a customer-first approach and comprehensive coverage.

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FAQ

Why Bullish?

The launch targets a growing insurtech market, enhancing Markel's competitive advantage.

How important is it?

The product's launch enhances Markel's market positioning and caters to increasing demand for tailored coverage.

Why Long Term?

As insurtech continues growing, sustained engagement will bolster long-term revenues.

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CINFAONTRV
, /PRNewswire/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced the launch of its InsurtechRisk+ product for insurtech businesses.The InsurtechRisk+ package contains four insuring clauses – insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability and loss cover, which offer protection for UK, Europe, Australia, Asia and Canada domiciled businesses with limits up to GBP £10 million.  Nick Rugg, Head of Fintech and Investment Management Insurance at Markel International Akin to the organisation's existing FintechRisk+ product, insureds taking out InsurtechRisk+ will have access to various value-add services, including: 24/7 business, legal and employment advice; R&D tax advisory; debt recovery support; grant and funding assistance; contract reviews and a cyber risk toolkit, which are free to use anytime during the policy.  The four insuring clauses, combined with these value-add risk management services, will help insurtech businesses navigate the complex landscape of cyber threats, crime and financial liabilities. Markel's offering avoids the risk of having gaps in cover through having different policies with multiple insurers, providing a cost-effective, 'one-stop-shop' solution for clients so that they can concentrate on growing their businesses.Nick Rugg, Head of Fintech and Investment Management Insurance at Markel, commented: "The cyber risk landscape has evolved since we launched our first Insurtech policy, with the emergence of more advanced attacks from threat actors utilising AI tools/technology to infiltrate company networks, impersonate senior personnel and steal confidential data and funds."He expands: "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."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. We want to disrupt traditional insurance products as well as how customers view the role of the insurer as only helping clients after an incident has taken place."Rugg concludes: "I'm looking forward to rolling out this cover for our insurtech businesses, together with the value-add services that have been tailored with their needs in mind."About Markel Insurance We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. SOURCE Markel WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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