Markel Group Unveils InsurtechRisk+ to Combat Evolving Cyber Threats for Insurtech Firms

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5 days ago

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Markel Group

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Markel Group Launches Comprehensive InsurtechRisk+ Product to Address Evolving Cyber Threats

Markel Insurance, a division of Markel Group Inc., introduces InsurtechRisk+, a new insurance product specifically tailored for insurtech businesses across the UK, Europe, Australia, Asia, and Canada. This comprehensive offering responds to the growing complexities of the cyber risk landscape, providing coverage across four key areas: insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability. With coverage limits reaching up to GBP £10 million, InsurtechRisk+ aims to equip firms with the robust protection necessary to navigate increasingly sophisticated cyber threats.

Nick Rugg, Head of Fintech and Investment Management Insurance at Markel, underscores the significance of this initiative in light of advanced cyber risks, particularly those enhanced by artificial intelligence technologies. The InsurtechRisk+ product not only offers competitive insurance coverage but also incorporates a suite of value-added services available 24/7. These services include business, legal, and employment advice, research and development tax advisory, and support for debt recovery, grants, and funding, all designed to enhance the operational resilience of insurtech firms. By consolidating these essential services under one policy, Markel aims to eliminate coverage gaps that often arise when companies engage with multiple insurers.

Rugg emphasizes that InsurtechRisk+ is not merely a traditional insurance policy but a strategic tool for risk management. The product reflects Markel's commitment to providing tailored solutions that address the specific needs of insurtech and fintech clients. As the industry faces evolving liabilities and risks, this initiative illustrates Markel's proactive stance in disrupting traditional insurance models. By offering innovative risk management strategies alongside coverage, Markel positions itself as a crucial ally for insurtech firms striving for growth in a challenging environment.

In addition to the InsurtechRisk+ launch, Markel continues to focus on enhancing its offerings in the insurtech sector, emphasizing the importance of adapting to rapid technological changes and emerging risks. The company's commitment to understanding the unique challenges faced by its clients enables it to provide more relevant and effective solutions.

Markel's strategic move to introduce InsurtechRisk+ aligns with the broader industry trend towards integrated insurance solutions that prioritize comprehensive coverage and risk management. This initiative not only solidifies Markel's position within the insurtech market but also highlights its dedication to supporting firms in managing modern complexities and safeguarding their futures.