Backed by Markel subsidiary, insurtech meets demand in underserved market with digital-first MPL product
At-Bay, the specialty insurance provider for the digital age, today announced the launch of its Miscellaneous Professional Liability (MPL) product, becoming the first to offer an automatically underwritten policy that customizes coverage and pricing across more than 50 diverse classes of business.
With the new offering, At-Bay expands its product suite beyond its flagship Cyber Liability and Technology Errors and Omissions coverage to meet demand in a highly underserved part of the insurance market.
“Employment in the professional services sector has grown three times faster than overall U.S. employment in the last decade. These businesses come in all shapes and sizes, and many face increased exposure related to the services they provide,” said Austin Martin, At-Bay’s Head of Professional Liability. “As a fast-growing specialty insurance provider born in the digital-first economy, At-Bay was built to help modern businesses meet these risks head-on.”
As a digital-first product, MPL from At-Bay will be exclusively available on the At-Bay Broker Platform, where brokers can generate a quote in under two minutes.
“MPL has traditionally been a difficult product to automate, which makes for a slow and frustrating experience for brokers,” said Brett Sadoff, At-Bay’s Head of Insurance. “We are leveraging our technology to provide a seamless digital experience, one that allows brokers to quote faster, bind faster, and maximize efficiency.”
At-Bay underwrites MPL insurance policies as a managing general agent (MGA) through a Markel Corporation subsidiary, rated A by A.M. Best. The new product line provides capacity up to $5 million in limits for businesses up to $25 million in revenue.
“We are proud to collaborate with At-Bay and support its expansion into new markets,” said Scott Whitehead, Managing Director, Markel Insurtech Underwriters. “Through an immensely successful cyber program, At-Bay has proven that a combination of highly skilled underwriting and automated technology is exactly what brokers want and need right now. We look forward to growing together well into the future.”
About At-Bay
At-Bay is the specialty insurance provider for the digital age. By combining world-class technology with industry-leading insurance expertise, At-Bay was designed from the ground up to help businesses to thrive in the digital world. At-Bay is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital. www.at-bay.com
About Markel
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Markel® is a registered trademark of the Markel Corporation. Visit Markel on the web at www.markel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005599/en/
Contacts
Jackie Gray
jackieg@at-bay.com
