Insurance Technology: MGA Insight Risk Targets Water Damage; Beazley Starts Cyber Incident Response Rooms

May 24, 2022
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Insight Risk Targets Builder’s Risk Water Damage Losses

Insight Risk, a technology-focused Builder’s Risk managing general agent (MGA), announced it is launching an innovative model designed to reduce water damage losses on commercial occupancies by up to 90%.

By bundling Internet of Things (IoT) water damage prevention solutions, sound underwriting, and proactive risk management, Insight Risk plans to significantly reduce water damage losses while delivering both a lower cost of risk to policyholders and superior financial returns to carrier partners. Licensed in 48 states, Insight Risk is backed by A+ rated Munich Re Specialty Group Insurance Services, with initial distribution by Marsh McLennan Agency, American Global, and Holmes Murphy.

Insight Risk is taking a different approach. By taking full ownership of the entire process, the MGA can deploy advanced technology sensors at no additional cost to contractors, brokers, or insurers. Once the building is enclosed, Insight Risk will install water-, temperature- and humidity-monitoring sensors in strategic locations. When irregular conditions are detected, sensors send an alert to the project team, enabling an immediate response, 24/7. It is an approach that will substantially reduce or even eliminate larger water damage claims.

Insight Risk was founded by industry leaders Chad Hollingsworth, co-founder of Triax Technologies Inc., and John Dempsey, former Global Practice Leader of Aon’s Claims Preparation, Advocacy and Valuation team. They are joined by Bret Bush, a 30-year industry veteran and former Strategy and Execution Lead of IoT at The Hartford; Michael Reich, former Assistant Vice President of Berkshire Hathaway Specialty Insurance’s U.S. Builder’s Risk portfolio; and Mark Reagan, former chairman of Marsh’s Global Construction Practice.

Beazley puts incident response at the heart of cyber strategy

Leading global specialist insurer Beazley has announced the launch of an online incident response platform for US cyber policyholders. Leveraging technology to deliver more secure incident resolution, this platform will serve as a central location to monitor and manage incidents, and centralize communications between the policyholder, Beazley, and specialist service providers.

The move comes as cyber-attacks in the US climbed for the third consecutive year. Beazley’s incident rooms will offer a secure collaboration portal for all communication related to an incident and provide tracking to ensure a full picture of the occurrence is provided to policyholders.

Raf Sanchez, head of Cyber Services at Beazley, said: “As the cyber risk landscape continues to evolve at pace, we continue to address these new and increased risks with changes to our service offering. This latest innovation will be an important tool for our policyholders to defend against cybercrime: providing enhanced cohesion, visibility and efficacity and therefore minimizing the impact of cyber-attacks.”

Paul Bantick, global head of Cyber Risks at Beazley, added: “The introduction of our incident rooms provides our policyholders with further peace of mind that a cyber incident will be dealt with in the most efficient and secure way possible. Today’s launch further demonstrates our core objective of continually innovating to improve our customer experience, and evolving and expanding our cyber ecosystem.”

The online incident response platform will be rolled out in Europe and the rest of the world soon.

Topics Cyber InsurTech Tech Insurance Wholesale

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