Markel Insurance Unveils InsurtechRisk+ Package

Markel Insurance has launched InsurtechRisk+, a specialist insurance package designed for insurtech companies operating across the UK, Europe, Australia, Asia and Canada. 

The product offers cover limits up to £10m (US$13.5m) and forms part of the insurer's expansion into technology-focused sectors.

The package comprises four insurance clauses covering technology liability, directors and officers liability, crime, and cyber liability. Markel Insurance operates as the insurance division of NYSE-listed Markel Group Inc.

Comprehensive cover addresses sector gaps

The InsurtechRisk+ product mirrors Markel's existing FintechRisk+ offering in structure and approach. 

Policyholders receive access to support services including business advice, R&D tax advisory, debt recovery, grant assistance, contract reviews and cyber risk management tools. 

These services operate on a 24/7 basis without additional charges during the policy term.

The package targets coverage gaps that emerge when insurtech companies purchase separate policies from multiple insurers. 

Markel positions the product as a single-source solution that enables companies to focus on business development rather than insurance management.

Nick Rugg, Head of Fintech and Investment Management Insurance at Markel, says the cyber threat environment has changed since the company's initial insurtech policies launched. 

“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,” Nick states.

Evolved threats drive product development

The InsurtechRisk+ policy addresses cyber exposures that have emerged as artificial intelligence tools become more accessible to threat actors. 

These developments have created new vulnerabilities for insurtech companies that handle sensitive financial data and customer information.

Markel's approach extends beyond traditional post-incident support to include preventive risk management services. 

The insurer aims to change how companies view insurance relationships by providing ongoing support rather than reactive assistance.

“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,” Nick explains.

Market positioning and strategy

The launch represents Markel's strategy to capture market share in the growing insurtech sector through specialist products. 

The company's approach combines traditional insurance coverage with value-added services that address specific industry challenges.

Markel's expansion into insurtech follows its success with FintechRisk+, suggesting the insurer sees opportunity in technology-focused financial services segments. 

The product targets companies across multiple jurisdictions, reflecting the global nature of insurtech operations.

The insurer's focus on comprehensive coverage aims to address fragmentation in the insurance purchasing process. 

Many insurtech companies currently manage multiple policies from different insurers, creating potential coverage gaps and administrative complexity.

Nick emphasises the company's commitment to changing traditional insurance relationships. 

"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."

The product launch follows Markel's broader strategy of developing specialist insurance solutions for technology companies. The insurer operates globally through Markel Group Inc, which trades on the New York Stock Exchange under the ticker MKL.

"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," Nick concludes.

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