Analytics and insurance software provider QOMPLX has partnered with international specialty re/insurance group Chaucer on a multi-peril parametric insurance product aimed at small to medium-sized enterprises.
WonderCover will first be made available in the UK and offer protection triggered by specific instances of cyber, IT interruption, and terrorism.
This parametric product allows for automatic payment of a predetermined amount to the policyholder once a triggering event occurs.
“We aim to provide clients with creative underwriting products and a first-class service, and our partnership with QOMPLX will deliver this,” said Andrew Bauckham, Senior Political Violence Underwriter at Chaucer. “UK SMEs want smart cyber and terrorism solutions, and WonderCover definitely provides this.”
“WonderCover is a first-of-its-kind product that provides a much-needed solution to two of the most critical business risks facing organizations in the UK today,” said Raveem Ismail, general manager, QOMPLX:MGA.
“WonderCover responds to the market demand for a custom-made cyber and terrorism policy that provides certainty and transparency, combined with benefits of a straightforward application process and the prompt payment of claims.”
WonderCover is offered by QOMPLX:MGA and is available on the Acturis platform. QOMPLX:MGA will be partnering with additional distributor and broker platforms.