Markel launches InsurtechRisk+

Markel Insurance, the insurance operations within Markel Group, announced the launch of its InsurtechRisk+ product for insurtech businesses.

The InsurtechRisk+ package contains four insuring clauses – insurance services and technology liability, 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.

Similar to the organization’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 cyber risk landscape has evolved since we launched our first Insurtech policy, with the emergence of more advanced attacks from threat actors utilizing AI tools/technology to infiltrate company networks, impersonate senior personnel and steal confidential data and funds. 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. 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 Rugg, Head of Fintech and Investment Management Insurance at Markel.