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Chaucer launches multi-peril parametric insurance product for SMEs

Chaucer launches multi-peril parametric insurance product for SMEs | Insurance Business

Chaucer launches multi-peril parametric insurance product for SMEs

Global specialty reinsurance group Chaucer has partnered with insurtech Qomplx to launch what it calls the “first multi-peril parametric insurance product tailored to the needs of small to medium-sized enterprises (SMEs).”

In a statement, Chaucer said that the new product, called WonderCover, provides organisations with a “safeguard against disruption of their businesses and prompt payment to support rapid recovery.”

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“WonderCover is complimentary to the current marketplace by offering coverage on a basis not provided by traditional insurance,” Chuacer said. “Policyholders receive payment quickly rather than waiting to find out if a claim qualifies or enduring a potentially contentious loss adjustment process to determine the total amount of losses covered.”

“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.”