Hanover announces new specialist product

The firm has put together a holistic program to simplify the risk management process for life sciences companies

Hanover announces new specialist product

Insurance News

By Allie Sanchez

To address diverse needs in the life sciences market, Hanover Insurance Group said it is offering a new product aimed at the different players in this evolving market.

Called the Hanover Fusion, the product is customizable and provides coverage in four key areas: products completed operations liability; errors and omissions; information security, privacy and personal injury; and media and content.

The product aims to streamline the current process in the market in which agents have to piece together a program that will fully address the current and emerging risks that life sciences companies face in the course of their operations.

PRNewswire also reported that the company has a team of dedicated claims specialists, risk management professionals and specially trained underwriters to handle the unique and complex needs of this industry.

“This…product helps solve for the challenges many life sciences organizations face, responding with coverages that are flexible and built to evolve with this dynamic market,” Toby Levy, vice president, technology at The Hanover, said in the report.

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Meanwhile, consulting firm Deloitte said in a market insight report that, “Life sciences companies of all sizes and in all segments–pharmaceuticals, biotechnology, generics and biosimilars, medical technology, and wholesale and distribution–will continue to focus on achieving profitable and sustainable growth in 2017.

“But this growth won’t come easy in an industry heavily influenced by health reform, cost pressures, price- and valued-based care models, disintermediation from downstream vertical integration, economic fluidity, and political instability. Looking across a landscape of challenges, the mismatch between increasing R&D expenses and the payer and public demand for lower-cost treatments is a game-changing issue because it will likely affect both the direction and speed of the sector’s future development.”

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