Markel’s latest proposition includes a specialist underwriting team writing covers specific to the needs of the country’s tech firms
Markel will offer specialist technology policies, believing too many customers have standard commercial combined products not fully covering their needs.
At the launch of MarkelTech yesterday, the insurer revealed to around 200 brokers it would offer specialist policies for tech firms, both start-ups and estblashied companies.
A team of four undewriters will offer policies tailored with the right wordings.
Through its tax and legal services, Markel says it can also help start-ups claim back money they may not have known about.
“The UK’s technology sector is worth £184bn, 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.”
Covers will be specific to individual areas of the wider technology sector. These will respond to their legal liabilities, protect their assets and assist in the continuation of their business.
The offering includes a debt recovery service, a contract review service, R&D grant funding and tax relief advice and support, and 24-hour legal support.
“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,” said 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.”
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