The latest update from Markel for you;
Markel will launch its new standalone Cyber insurance solution in the UK on the Acturis platform in September, providing brokers with a specialist, easy-to-trade proposition designed to help SMEs and mid-market businesses manage the growing threat of cyber risk.
Built using insight from brokers, customers and Markel’s specialist cyber expertise, the new solution has been developed to address some of the key barriers that have historically limited cyber insurance uptake. Many brokers continue to view cyber insurance as complex, difficult to explain and challenging to position with SME clients. Markel’s new proposition has been designed to make cyber insurance easier to understand, place and sell.
The standalone solution supports businesses with turnover up to £250 million, and in excess of 3,400 trade categories and provides broad protection across four core areas: liability and legal covers, incident response and crisis management, business interruption, and crime and social engineering. It includes 42 coverages and extensions, representing a significant evolution of Markel’s cyber proposition.
The solution also includes enhanced features such as Dependent Customer Business Interruption, Loss of Stock, Betterment and Tender Disruption cover, helping businesses manage the wider financial consequences of cyber incidents, from lost revenue and disrupted trading through to technology replacement and missed commercial opportunities.
Alongside specialist insurance cover, the proposition includes a suite of value-added services designed to support businesses before, during and after a cyber event. These include pre-breach risk management tools, breach response support, crisis management services, legal and tax advice, regulatory compliance support and access to Markel’s wider Business Hub proposition. The solution is backed by Markel’s trusted service model, delivering the specialist expertise and award-winning claims support brokers and customers expect from a five-star-rated insurer.
Mark Lowther, Head of Technology and Cyber, UK at Markel, said: “For many businesses, cyber risk can feel complex and difficult to navigate, even when the need for protection is clear. Our new solution is designed to change that. It gives brokers a strong, practical cyber solution, with competitive cover, valuable support services, a smoother way to trade and learning solutions to help make cyber conversations less challenging. We’ve listened closely to brokers and built a proposition that addresses the barriers they face, helping them place business with confidence while giving customers access to meaningful support before, during and after a cyber event. Importantly, it is backed by the specialist expertise and high service standards that brokers have come to expect from Markel.”
Simon De Ferry, Chief Insurance Products Officer at Acturis, added: “We’re delighted to expand our partnership with Markel through the launch of its upcoming standalone Cyber solution on the Acturis platform. Cyber risk remains one of the most significant challenges facing UK businesses and brokers need solutions that are straightforward to trade and easy to position with clients. Markel’s proposition combines comprehensive cover, practical support services and flexible digital trading, providing brokers with an important solution for SME and mid-market customers.”
The launch of Cyber in September forms part of Markel’s wider strategy to expand access to its specialist products through the Acturis platform and support brokers in growing their cyber portfolios.
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