QBE North America has announced the launch of a custom property insurance product.
QBE Custom PropertySM offers coverage based on feedback from brokers and customers, as well as an AI-supported market analysis. The product takes a modular approach to allow brokers and QBE underwriters to precisely tailor a program for each customer. Overall, the product contains 33 additional coverages, 50 property endorsements, and 22 crime endorsements.
Highlights of the product include:
- A first-party cyber coverage endorsement that provides coverage for business interruption, data recovery and incident response service expenses, per network security event
- Crime coverages including computer fraud, funds transfer fraud and disappearance or destruction of money and securities, without the need for a stand-alone crime form
- CAT capacity availability with flat or percentage deductible options
- Customizable rates on a per-location basis
- Dependent property coverage, including time element
“Mid-size businesses face rapidly evolving and complex property risks,” said Tom Fitzgerald, president of specialty and commercial at QBE North America. “Our new property policy responds by providing comprehensive coverage in a very flexible, modular policy structure. It shows our commitment to mid-size businesses and will play a central role in our suite of property and casualty products as we look to grow our presence in this important market segment.”
QBE Custom Property will initially be available in 29 states for new business policies effective March 01 and renewal policies effective April 01. The company plans to expand the product to all 50 states, subject to necessary regulatory approvals.
“We’re pleased to report that feedback from our brokers who have seen the new product has been very positive,” said John Beckman, chief underwriting officer at QBE North America. “Our use of Bold Penguin’s RiskGenius artificial intelligence platform, which we have fully integrated with our systems, really helped with the development. It enabled us to quickly and thoroughly compare key policy terms and conditions in the marketplace and deeply drill down to the specific nuances of the coverages available. Combining this offering with our risk services and claims expertise will help better position our customers to manage the risks they are facing today and tomorrow.”