Insurance technology provider Acturis has partnered with QOMPLX:UNDERWRITING to expand the e-trade offering of its award-winning platform with the launch of the parametric multi-peril insurance product WonderCover™.
The Wondercover product, focussed on SMEs and backed by Chaucer, the international specialty (re)insurance group, is now available to brokers via the Acturis platform as a standalone policy or as an additional cover to other lines of business, giving Acturis brokers increased flexibility on what they are able to offer their customers.
QOMPLX is a leading provider of cyber security and data analytics technologies, inciting change in the way insurance cover is brought to the market, and eliminating gaps found in traditional insurance offerings.
The Wondercover policy provides combined cover for cyber breach, IT interruption and terrorism, responding to the market demand for smart cyber and terrorism solutions needed by SMEs.
Thomas Stuart, Product Development Director at Acturis, commented:
“Over the last two years Acturis has worked with a number of insurers to launch e-trade products offering cyber cover. Our latest product introduces a new MGA – QOMPLX – into this market. We are excited to give our customers another option for getting an e-trade cyber policy on Acturis; we believe more choice will accelerate the growth of this product class even further.”
Dr Raveem Ismail, Chief Underwriting Officer at QOMPLX:UNDERWRITING, said:
“WonderCover™ protects against two of the most critical business risks facing SMEs. It provides certainty and transparency, a straightforward application process, and prompt payment of claims for cyber and terrorism disruption. Claims are paid if the triggers occur and the insured has no need to prove the size of their loss. We are very pleased to be launching this new offering with Acturis, whose e-trade platform is the ideal way for brokers to access the product quickly and easily.”
Acturis is the leading, award-winning Software as a Service provider to the insurance industry. The Acturis SaaS platform is an administration, distribution and underwriting platform used by insurance brokers and underwriters. It now has over 20,000 users across over 450 sites.
Acturis operates in the general insurance market, supporting both personal and commercial lines. The company leads the way in real-time integrations with insurers and has won industry Service Provider of the Year awards and the British Insurance Technology Award.
Acturis has been awarded Business Partner of the Year 2018 at the Insurance Times Awards and Outsourced Partner of the Year 2016 at the British Insurance Awards.
The Acturis Group also includes Nordic Insurance Software (NIS), ICE InsureTech, Acturis Deutschland (Germany), Zycomp Systems (Canada) and Add Value Assurances (France).
- NIS is a leading provider of software solutions to the travel insurance, assistance and health insurance markets with customers in more than 40 countries.
- ICE InsureTech products are enterprise-grade modular software solutions for the management and processing of insurance claims, policies, billing and rating, with integrated business intelligence and insurance analytics.
- Acturis Deutschland is the leading provider of insurance price and terms information to the German insurance market and the largest provider of broker administration and trading software in Germany.
- Zycomp Systems Limited was originally founded in 1987 and provide modern, cost effective software for the Canadian Insurance Industry.
- Add Value Assurances is the French leader in commercial e-trading with a network of over 3,000 brokers, growing at more than 60% per annum.
QOMPLX:UNDERWRITING is an MGA committed to bridging gaps in coverage left by traditional insurance policies to provide small to medium-sized businesses the protection they need against Cyber and Terror perils.
QOMPLX:UNDERWRITING is a wholly owned subsidiary of QOMPLX, Inc., a leading global technology and analytics firm that makes it faster and easier for organizations to integrate disparate internal and external data sources across the enterprise via a unified analytics infrastructure. This enterprise data-fabric, called QOMPLX:OS, is an enterprise operating system that powers QOMPLX’s decision platforms in cybersecurity, insurance, and quantitative finance. Headquartered in Reston, VA, QOMPLX also has offices in New York, Denver and London and serves clients around the world.
QOMPLX Underwriting Limited provides high-quality propositions to meet the demands of customers by:
- Underwriting emerging and fast-evolving perils with economic coverage gaps
- Creating innovative bespoke products that fit client needs, rather than relying on pre-existing products
- Offering our products via easy to use and efficient e-trade platforms to support brokers preferred workflows
QOMPLX Underwriting Limited underwrites WonderCover on behalf of Chaucer Insurance Company DAC. Chaucer Insurance Company DAC is registered in Ireland (company no. 587682) with its registered office at 38 & 39 Baggot Street Lower, Dublin 2, D02 T938, and is authorised and regulated by the Central Bank of Ireland. QOMPLX Underwriting Limited is registered in England and Wales (company no. 11538456) with its registered office at Clarendon House, 52 Cornmarket Street, Oxford, OX1 3HJ and is an Appointed Representative of Pro MGA Solutions Limited, who is authorised and regulated by the Financial Conduct Authority under FCA Reference 770419.