Bermuda-based re/insurer Aspen Insurance Holdings Limited has backed an AI-powered crime coverage for small businesses, launched by AI-driven insurtech, Counterpart.
In a press release, it noted that the policy can be purchased on a standalone basis or packaged with its existing Directors & Officers, Employment Practices, and Fiduciary insurance lines.
The crime insurance expansion reinforces Counterpart’s commitment to using its own cutting-edge technology to address critical exposures of small businesses.
With employee theft costing businesses $50 billion annually, and with costs rising at a rate of 15% per year, according to the U.S Department of Commerce., Counterpart’s new offering will help to identify employee theft and social engineering perils by utilizing the company’s proprietary machine learning-based underwriting system, which includes employee sentiment analysis, as well as proactive risk mitigation guidelines.
Moreover, crime insurance is available for small businesses with less than 250 employees and less than $100 million in revenue and total assets through Counterpart’s wholesale broker partners.
Zac Clammer, Executive Vice President, Management Liability at Aspen , said: “Counterpart has established an impressive track record of innovation. We are pleased to continue developing our partnerships with Counterpart across the growing portfolio of excess and primary small business insurance products that we are bringing to market.”
Mike Levins, Head of Insurance at Counterpart , commented: “Small businesses often lack the internal auditing and risk management capabilities of larger businesses, which can make them more susceptible to Crime risk. Our extensive underwriting experience, proprietary data infrastructure, and increased market presence have enabled us to craft a Crime product that complements our existing insurance lines.
“We are grateful for the continued support of the well-respected team at Aspen, along with many of our broker partners, who have helped us develop a very competitive product.”
Dan Lazarz, Director, CRC – ExecPro Group , added: “Counterpart continues to impress CRC Group and the brokerage community with its effective and efficient quoting and binding tools. Now, with their Crime capabilities, we can rely on Counterpart as a one-stop shop for comprehensive management liability coverage for our valued Insureds.”