Beazley tie-up launches ‘market’s first’ usage-based liability insurance
Insurer Beazley has partnered with Assureful to launch “market’s first” digital usage-based liability insurance solution for e-commerce companies, to be offered initially in the US.
Assureful worked with Beazley’s incubation underwriting team to create this new insurance solution, using natural language processing and machine learning to convert live sales data into a single, structured record. Assureful has also been appointed a Lloyd’s Coverholder.
“By working with Assureful, Beazley is supporting the market’s first direct digital distribution of usage-based liability insurance,” said Neil Kempston, incubation underwriter at Beazley. “Making use of cutting- edge data science techniques, including natural language processing and image detection facilitated by machine learning, the solution relieves the pain points experienced by fast moving companies that badly need a responsive insurance solution. At Beazley, we are proud to be in the vanguard of this new insurance innovation that will bring direct benefits to the end client.”
Rohit Nair, founder and chief executive of Assureful, added: “As eCommerce sellers ourselves, we know the pain of randomly projecting annual revenue which is always wrong leaving businesses over or under insured. Assureful is the first marketplace compliant insurance product based on actual sales and is billed monthly. Data and technology have allowed us to develop a truly usage-based Commercial General Liability insurance product for eCommerce businesses of all sizes. We are thrilled to have a strong partner in Beazley and we thank them for their professionalism and dedication to bringing the product to market.”
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