Specialist insurer Beazley has announced that it has partnered with Assureful to offer the industry’s first usage-based liability insurance product for e-commerce companies. Assureful, which worked with Beazley’s Incubation Underwriting team to create the product, has also been appointed a Lloyd’s coverholder. The product is available nationally in the US, Beazley said.
Assureful uses natural language processing and machine learning to convert live sales data into a structured record, from which accurate, usage-based monthly premiums can be calculated. The technology also allows policyholders to gain sales analysis across their marketplaces and platforms all in one place, Beazley said.
“By working with Assureful, Beazley is supporting the market’s first direct, digital distribution of usage-based liability insurance,” said Neil Kempston, incubation underwriter at Beazley. “Making use of cutting-edge data science techniques, including natural language processing and image detection facilitated by machine learning, this solution relieves the pain points experienced by fast-moving companies that badly need a responsive insurance solution. At Beazley, we are proud to be in the vanguard of this new insurance innovation that will bring direct benefits to the end client.”
“As e-commerce sellers ourselves, we know the pain of randomly projecting annual revenue which is always wrong, leaving businesses over- or under-insured,” said Rohit Nair, founder and CEO of Assureful. “Assureful is the first marketplace-compliant insurance product based on actual sales and is billed monthly. Data and technology have allowed us to develop a truly usage-based commercial general liability insurance product for e-commerce businesses of all sizes. We are thrilled to have a strong partner in Beazley and we thank them for their professionalism and dedication in bringing this product to market.”