Markets/Coverages: At-Bay Launches Misc. Pro Liability; Cover Genius Partners with Zip

August 4, 2022

At-Bay Expands Insurance Offerings With Launch of Miscellaneous Professional Liability

At-Bay announced the launch of its Miscellaneous Professional Liability (MPL) product, becoming the first to offer an automatically underwritten policy that customizes coverage and pricing across more than 50 diverse classes of business.

With the new offering, At-Bay expands its product suite beyond its flagship Cyber Liability and Technology Errors and Omissions coverage to meet demand in a highly underserved part of the insurance market.

“Employment in the professional services sector has grown three times faster than overall U.S. employment in the last 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 head of 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 exclusively available 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, which makes for a slow and frustrating experience for brokers,” said Brett Sadoff, At-Bay’s head of insurance. “We are leveraging our technology to provide a seamless digital experience, one that allows brokers to quote faster, bind faster, and maximize efficiency.”

At-Bay underwrites MPL insurance policies as a managing general agent (MGA) through a Markel Corporation subsidiary, rated A by A.M. Best. The new product line provides capacity up to $5 million in limits for businesses up to $25 million in revenue.

Cover Genius Partners with BNPL Leader Zip

Cover Genius, a leading insurtech for embedded insurance, has announced a partnership with Zip, a global buy-now-pay-later (BNPL) player, to offer customers tailored protection embedded into the payment process and Zip’s wallet experience. The partnership expands Zip’s BNPL offering by not only protecting purchases in the moment, but also allowing customers to add protection to their recent purchases.

“With the global BNPL market expected to reach $680 billion by 2025, we’re thrilled to partner with Zip to protect the growing number of worldwide BNPL customers,” said Angus McDonald, co-founder and CEO of Cover Genius. “Zip is a popular payment option and is uniquely positioned to protect their customers at point of sale but it also has a tremendously loyal and engaged customer base, meaning they’re able to further develop the relationship with embedded protection in their popular wallet, while also doing away with arcane multi-year products backed by traditional insurers who produce poor customer outcomes.”

The partnership integrates XCover, Cover Genius’ global insurance distribution platform, into Zip’s alternative payment platform for a seamless customer experience that is designed for ultimate flexibility. The feature will give Zip Pay and Zip Money customers the ability to add protection to their Zip purchase, either during checkout or after checkout on select purchases, making it an affordable and timely alternative.

In an initial launch, customers will be offered transaction monitoring, where they can protect their recent purchases —with a first-of-its-kind solution that leverages transaction data to offer protection that is tailored for relevance and renewed on an annual, recurring basis. Insurance options will also be available for Zip customers at checkout.