Markel announces collaboration with Insurate

Markel announced a collaboration with Insurate, an MGA offering workers’ compensation insurance to small and mid-sized US industrial businesses. Insurate leverages AI and “next-generation” safety scoring methodologies to underwrite and manage complex workers compensation risks.

This initiative follows Markel’s “disciplined approach” to entering the middle market workers compensation space. After “careful market analysis and due diligence,” Markel identified Insurate as the right market entry partner.

Insurate’s platform utilizes advanced AI algorithms to analyze vast datasets, providing nuanced insights into workplace safety performance. This allows for more accurate risk assessment and pricing, particularly for complex industrial and service operations that are common in the middle market.

The collaboration aims to combine Markel’s established strength and network with Insurate’s agility and technological innovation to offer workers compensation solutions tailored to the needs of the middle market.

“Insurate’s forward-thinking approach to risk assessment and safety aligns perfectly with Markel and our commitment to innovation, empowering individuals, and creating long-term value. We were impressed not only by their technology but also by their fundamental understanding of the insurance landscape and their focus on fostering safer workplaces. This collaboration represents a carefully considered step to enhance our capabilities and better serve the vital middle-market segment.” – Jeff Lamb, Executive Director, Programs & Alliances at Markel.

“We are thrilled to collaborate with Markel, a company renowned for its underwriting discipline, long-term perspective, and deep respect for the industries it serves. This relationship is a powerful validation of our vision and technology. Markel’s support will accelerate our ability to deliver solutions that protect workers and reward businesses dedicated to safety excellence.” – Joe McIlhon, Insurate CEO.