At-Bay is expanding its insurance offer with the launch of various professional liability
Backed by Markel subsidiary, insurtech meets demand in underserved market with digital-first MPL product
SAN FRANCISCO–(BUSINESS WIRE)–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 auto-underwritten insurance that adjusts coverage and pricing across of more than 50 different business classes.
With the new offering, At-Bay expands its product suite beyond its flagship Cyber Liability and Technology Errors and Omissions to meet demand in a highly underserved segment of the insurance market.
“Employment in the professional services sector has grown three times faster than total U.S. employment over the past 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 president for 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 available exclusively 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, making for a slow and frustrating experience for brokers,” said Brett Sadoff, At-Bay’s chief insurance officer. “We leverage our technology to provide a seamless digital experience, one that allows brokers to quote faster, bond faster and maximize efficiency.”
At-Bay underwrites MPL policies as managing general agent (MGA) through a subsidiary of Markel Corporation, rated A by AM 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 partner with At-Bay and support its expansion into new markets,” said Scott Whitehead, CEO, Markel Insurtech Underwriters. “Through a hugely successful cyber program, At-Bay has proven that a combination of highly qualified 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. Combining world-class technology with industry-leading insurance expertise, At-Bay was designed from the ground up to help businesses 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 diversified financial holding company serving a variety of niche markets. The company’s main business is marketing and underwriting special insurance products. In each of the company’s operations, it seeks to offer quality products and excellent customer service so that it can be a market leader. The financial objectives of the company are to achieve consistent underwriting and operating results and superior investment returns to build shareholder value. Markel® is a registered trademark of Markel Corporation. Visit Markel online at www.markel.com.
Contacts
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