Market-first direct digital delivery of usage-based liability insurance uses cutting-edge data science techniques to make it happen
LONDON, Nov. 15, 2022 (GLOBE NEWSWIRE) — Specialty insurance company Beazley has partnered with Assureful to bring the industry’s first usage-based liability insurance solution to e-commerce companies. Her Assureful, who worked with her Incubation Underwriting team at Beazley to create this new insurance solution, was also named Lloyd’s Coverholder. The solution is initially available nationwide in the United States.
Assureful uses natural language processing and machine learning to transform live sales data into a single, structured record from which you can calculate 100% accurate usage-based monthly premiums. Another benefit of this technology is that policyholders can get sales analytics across markets and platforms all in one place.
For e-commerce vendors, buying a fixed amount of pre-guaranteed traditional insurance products may not provide the necessary agility, as revenues and products frequently change, grow, or evolve over the life of the policy. not. This can lead to uncertainty and an inaccurate view of risk for both the insurer and the insured.
Neil Kempston, Incubation Underwriter at Beazley, commented: The solution leverages cutting-edge data science techniques such as natural language processing and image detection powered by machine learning to address the pain points experienced by fast-moving businesses with a strong need for responsive insurance solutions. mitigate. At Beazley, End is proud to spearhead this new insurance innovation that will directly benefit his clients. ”
Assureful Founder and CEO Rohit Nair said: Assureful is the first marketplace-compliant insurance product based on actual sales and billed monthly. Data and technology have allowed us to develop a truly usage-based commercial general liability insurance product for e-commerce businesses of all sizes. We are thrilled to have such strong partners at Beazley and appreciate their professionalism and dedication to bringing our products to market. ”
For more information, please contact:
Phone +44 (0)20 7674 7484
Phone +44 (0)20 7674 7517
Note to editors:
Beazley plc (BEZ.L) is the parent company of an operating professional insurance company.
in Europe, USA, Canada, Latin America and Asia. Beazley manages his six Lloyd’s syndicates and in 2021 he has written $4,618.9 million in gross premiums worldwide. All of Lloyd’s syndicates are rated A by AM Best.
Beazley’s US underwriters focus on creating a variety of specialty insurance products. In licensed markets, insurance is provided by his Beazley Insurance Company, Inc.
AM Best A rated carrier licensed in all 50 states. In the surplus line market, coverage is provided by Lloyds’ Beazley syndicate.
Beazley Insurance dac, Beazley’s European insurer,
The Central Bank of Ireland, rated A by AM Best and A+ by Fitch.
Beazley is a market leader in many of its selected areas, including professional coverage, cyber, property, shipping, reinsurance, accident and life, political risk and contingencies.
For more information, see: beazley.com