Markel Insurance has introduced InsurtechRisk+, a new insurance product designed specifically for insurtech businesses operating in the UK, Europe, Australia, Asia, and Canada. This product aims to provide comprehensive insurance and risk management coverage to meet the unique challenges faced by insurtech companies.
Comprehensive Coverage with Four Key Insurance Clauses
The InsurtechRisk+ policy combines four insurance clauses into one bundled product:
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Insurance services and technology liability
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Directors and officers liability
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Crime and cyber liability
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Loss coverage
The policy offers coverage limits of up to £10 million, providing significant protection for insurtech businesses.
Value-Added Services Included Throughout Policy Term
Following the model of Markel’s FintechRisk+ product, InsurtechRisk+ includes a suite of value-added services available throughout the policy term. These services offer round-the-clock support and include:
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24/7 business, legal, and employment advice
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Research and development (R&D) tax advice
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Debt recovery assistance
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Grants and funding support
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Contract review services
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Cyber risk toolkit
These services are designed to help businesses manage risks and operational challenges beyond traditional insurance.
Addressing Modern Cyber and Financial Risks
The bundled clauses specifically target risks linked to cyber threats, crime, and financial vulnerabilities that insurtech firms often face. Markel’s Head of Fintech and Investment Management Insurance, Nick Rugg, emphasized the growing complexity of the cyber risk environment since the company’s initial insurtech policy launch.
“Our new InsurtechRisk+ policy offers exceptional protection, reflecting the multitude of cyber risks currently faced by InsurTechs and our ongoing commitment to providing bespoke risk management and transfer solutions to InsurTech/FinTech insureds, backed by an award-winning claims team,” said Rugg.
Expanding Markel’s Tech Sector Product Line
This launch marks another step in Markel’s effort to broaden its product offerings for the rapidly growing technology sector. Earlier in 2024, Markel introduced MarkelTech, a product tailored for UK tech businesses. MarkelTech covers professional liability, cyber, property, business interruption, and liability insurance, with features designed to fit tech companies at various growth stages.
Industry Growth Drives Insurance Demand
The new product launch aligns with broader industry trends. In 2023, the UK saw 51,017 new tech companies established, a notable increase from 41,972 in the previous year. This surge is fueled by ongoing investment and advances in artificial intelligence and digital infrastructure. As the sector grows, so does the demand for specialized insurance products to manage complex digital and operational risks.
Commitment to Tailored Solutions for Insurtechs
Rugg highlighted the policy’s role in offering expanded coverage aligned with current insurtech risks.
“I look forward to launching this coverage for our insurtech businesses, along with value-added services tailored to their needs,” he said.
Background: Markel’s FintechRisk+ Policy
Markel’s previous product, FintechRisk+, provides coverage limits up to $20 million. It also includes protections such as cyber-related scaling improvements, cryptojacking coverage, bounty programs, and wire fraud protection, serving as a strong foundation for the new InsurtechRisk+ offering.
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