QOMPLX and Chaucer partner on multi-peril parametric product for SMEs

QOMPLX, the intelligent decision platform provider, and re/insurer Chaucer, have launched what they are calling the first multi-peril parametric insurance product specifically tailored to the needs of small to medium-sized enterprises (SMEs).

WonderCover will provide organizations with a safeguard against the disruption of their businesses and prompt payment to support rapid recovery. It is complimentary to the current marketplace by offering coverage on a basis not provided by traditional insurance.

WonderCover will be first made available in the UK and its initial offering will combine protection triggered by specific cyber, IT interruption, and terrorism. WonderCover provides automatic payment of a predetermined amount to the policyholder once a triggering event occurs. Policyholders receive payment quickly rather than waiting to find out if a claim qualifies.

“We aim to provide clients with creative underwriting products and a first-class service, and our partnership with QOMPLX will deliver this,” said Andrew Bauckham, senior political violence underwriter at Chaucer. “UK SMEs want smart cyber and terrorism solutions, and WonderCover definitely provides this.”

Raveem Ismail, General Manager, QOMPLX:MGA, added: “WonderCover is a first-of-its-kind product that provides a much-needed solution to two of the most critical business risks facing organizations in the UK today.

“WonderCover responds to the market demand for a custom-made cyber and terrorism policy that provides certainty and transparency, combined with benefits of a straightforward application process and the prompt payment of claims.”