‘We want to disrupt traditional insurance products, as well as how customers view the role of the insurer,’ says head
Markel has unveiled a new product designed to support the growing needs of insurtech firms.
The new proposition, called InsurtechRisk+, was launched on 11 June 2025 and is aimed at businesses operating in the UK, Europe, Australia, Asia and Canada.
The package includes four insuring clauses – insurance services and technology liability, directors’ and officers’ liability, crime, as well as cyber liability and loss – with cover limits of up to £10m.
Nick Rugg, head of fintech and investment management insurance at Markel, said the new product was launched in response to the evolving cyber threat landscape.
“The cyber risk landscape has evolved since we launched our first insurtech policy, with the emergence of more advanced attacks from threat actors utilising AI tools to infiltrate company networks, impersonate senior personnel and steal confidential data and funds,” Rugg said.
“Our newly created InsurtechRisk+ policy provides superior cover, reflecting the many cyber exposures that insurtech companies face today and our continued dedication to providing bespoke risk management and transfer propositions for our insurtech and fintech insureds, backed by an award-winning claims team.”
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InsurtechRisk+ builds on Markel’s existing FintechRisk+ product and includes access to value-added services such as 24/7 legal and business advice, contract reviews, R&D tax advisory, debt recovery, grant and funding assistance and a cyber risk toolkit.
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These services are available throughout the policy term at no extra cost.
Rugg said that the product aimed to challenge conventional thinking around insurance and offer a more holistic approach to risk management.
“Another key goal in launching InsurtechRisk+ is to offer best-in-class cover alongside risk management propositions that go beyond typical post-loss assistance for policyholders,” he said.
“We want to disrupt traditional insurance products, as well as how customers view the role of the insurer as only helping clients after an incident has taken place.”
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