Markel, the SME-focused insurance provider, has launched its MarkelTech proposition for the rapidly expanding technology sector, stating a significant aspiration to grow its market share in this sector. The product, developed specifically for the UK’s technology sector, provides a range of business services to support the growth of the UK’s technology companies.
MarkelTech is designed for companies that innovate, design, develop, manufacture, supply or support technology products or services. This specialist insurance and business services package is aimed at start-ups, emerging and established SME companies in the technology, IT and communications and medical technology space.
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“The UK’s technology sector is worth £184 billion, and generates an annual GWP of £150m for the insurance industry,” said UK sales and marketing director, Nic Brown. “Markel is already a significant player in this market, but we’re setting out substantial growth ambitions with this product launch. There are thousands of businesses in this sector who require insurance coverage that is relevant to their unique circumstances and many are not getting the cover they need.”
MarkelTech will provide a range of insurance covers specific to this market, designed to respond to their legal liabilities, protect their assets and assist in the continuation of their business. Access to several support services is also included in the package:
· An award-winning debt recovery service – that can provide full legal support in the event of a dispute with a client
· A contract review service – that can ensure a technology company’s T&Cs are fit for purpose, or the client contracts are considerate to both sides
· R&D grant funding and tax relief advice and support – that can uncover funding and tax relief opportunities for technology companies, and has already secured over £40 million of funding for UK SMEs
· 24-hour Legal Support – that are available to assist business owners with everyday management challenges, and handle over 250,000 such queries each year already
“We were delighted to celebrate the official launch of our MarkelTech platform last night, with over 200 brokers and industry practitioners attending at our Fenchurch Street offices,” continued Brown. “We will continue to push the boundaries of what are considered normal insurance offerings, enabling customers to have access to critical business support services as well as relevant and reliable insurance coverage.”