What:
Beazley has partnered with Assureful to offer the industry’s first, usage-based liability insurance solution for e-commerce companies.
Why:
For e-commerce vendors, buying a traditional insurance product for a set sum insured in advance does not provide the agility they need, as their revenues and products often change, grow, or evolve during the policy term. This can lead to uncertainty and an inaccurate view of risk, for both insurer and insured.
How:
- Assureful uses natural language processing and machine learning to convert live sales data into a single, structured record, from which accurate, usage-based, monthly premiums can be calculated.
- An additional benefit of the technology is that policyholders gain sales analysis across their marketplaces and platforms all in one place.
- Assureful, which worked with Beazley’s Incubation Underwriting team to create this insurance solution has also been appointed a Lloyd’s Coverholder.
- The solution is initially available nationally in the United States.