In a world where financial uncertainties and digital vulnerabilities seem ever-present, Markel Insurance has unveiled a transformative insurance product, InsurtechRisk+, that aims to redefine the landscape of insurance solutions for the tech-savvy insurtech sector. Catering specifically to businesses in the UK, Europe, Asia, Australia, and Canada, this innovative package offers a comprehensive range of coverages, including insurance services and technology liability, directors and officers liability, crime, and cyber liability, with a coverage cap reaching up to GBP £10 million. By integrating these essential insuring clauses, Markel hopes to address the prevalent coverage gaps that many businesses encounter when dealing with multiple insurers, specifically designed to protect against sophisticated cyber threats and mounting financial liabilities.
Integrated Risk Management and Support Services
InsurtechRisk+ goes beyond financial protection by offering a range of services to aid businesses in overcoming diverse challenges. These services include 24/7 business, legal, and employment advice, creating an environment supportive of companies dealing with urgent legal or HR matters. Markel further extends its expertise with R&D tax advisory, debt recovery, and assistance in securing grants and funding, providing concrete help for financially stressed businesses. Additional offerings like contract reviews and a cyber risk toolkit tackle the complexities of operational risks and cybersecurity issues. This approach reflects Markel’s focus on proactive, client-centric risk management.
Nick Rugg, the Head of Fintech and Investment Management Insurance at Markel, explains that insurers must transcend traditional roles, aiming to become partners in risk management rather than mere responders. InsurtechRisk+ differentiates itself with comprehensive coverage and integrated services, particularly suited to the insurtech and fintech sectors. This shift indicates a broader industry trend toward a unified, customer-focused model, meeting the unique needs of modern businesses. Such adaptation signals a transformative moment for insurance, where proactive, holistic solutions become integral.