Analytics and insurance software provider QOMPLX has expanded its strategic relationship with Pro MGA Solutions in the UK, in support of the launch of its new multi-peril parametric insurance product.
QOMPLX recently announced the launch of its parametric offering, WonderCover, which was developed in partnership with international specialty re/insurance group Chaucer.
WonderCover provides SMEs with critical business interruption cover in the form of an automatic payment once a pre-determined cyber or terrorism event trigger has taken place.
Now, global re/insurance outsourcing and consulting specialist Pro Global solutions has revealed it will also back the project by working closely with QOMPLX to support further growth and development for the business.
QOMPLX previously introduced its MGA providing underwriting services through Pro’s UK based MGA incubator earlier this year.
“We are delighted to support QOMPLX in their launch of WonderCover – a truly innovative product developed in partnership with a leading global specialty insurer that addresses a significant gap in the market,” said Danny Maleary, CEO of Pro.MS.
“The growth of innovative technology-powered solutions is critical to the future of the insurance sector, and WonderCover is the perfect example of non-traditional, custom cyber and terrorism cover that solves fundamental challenges for insureds that traditional insurance is not delivering,” he explained.
“As well as further expanding our international partnership with QOMPLX in the near future, we are also currently managing a strong global deal pipeline for MGA launches in the new year, with half a dozen potential new launches currently under development.”
Alastair Speare-Cole, President & GM of QOMPLX:INSURANCE, also commented: “QOMPLX:MGA will rely on Pro.MS’ MGA not only for support in fulfilling our regulatory obligations but on their wide industry experience of Lloyd’s international insurance distribution.”
“With WonderCover, we are proud to simplify the process of buying coverage against complex events like cyber and terrorism and increase the availability of insurance and the transparency behind the product,” Speare-Cole continued.
“For WonderCover, QOMPLX:INSURANCE leverages proprietary cyber and terrorism modeling capabilities to provide a simple fixed limit offering designed to cover multiple man-made perils.”