La Playa launches social media insurance cover
Lloyd’s Broker La Playa is to digitally market an innovative professional indemnity insurance package for social media influencers. Insurance e-trading specialist Quotall built and delivered the platform for this new offering.
By using Quotall technology La Playa has been able to harness Lloyd’s underwriting capacity provided by specialist global insurer Beazley and launch a high volume, low value insurance product, aimed at an entirely new profession that did not exist five years ago.
The unique insurance requirements of social media influencers are covered by a tailor-made insurance cover, priced at a lower premium than a standard professional indemnity insurance policy, with premiums starting at £120 for £100,000 of coverage.
Quotall CEO Simon Ball said: “Social media influencers are a totally new type of customer and they are now seen as being a vital component whereby brands can effectively market their products. Like any profession they need insurance to cover potential liabilities and, up until now, have had no option but to buy policies that didn’t specifically cater for their unique risk exposure.
“Quotall is already delivering products via our web-based platform for Lloyd’s businesses and, in the context of the recently published Lloyd’s Digital Blueprint initiative, our involvement is timely and we are delighted to be part of this success story.
“Our technology always focuses on delivering an exceptional user experience, and this is a clear example of where we were able to help an insurance partner offer new cover that not only caters for a modern society demands but also, critically, demonstrates that the insurance industry can adapt to new challenges in the changing world around us.”
Tracey McCreath, director, media arts and entertainment business, La Playa said:
“We are excited to have launched our social influencers product on the Quotall platform as it enables us to distribute the product online to this flourishing, digitally savvy market. This is a volume product for us and the Quotall system allows us to access and control it 24/7. We are already looking to expand the distribution of the product on the platform to new markets including the USA.”
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