Designed with the help of artificial intelligence, this modular form brings new customizable capabilities to deliver individualized risk solutions.
QBE North America today announces its new QBE Custom PropertySM product, offering state-of-the-art coverage based on feedback from brokers and customers as well as a comprehensive market analysis supported by artificial intelligence.
As a result, the product takes a highly modular approach that gives brokers and QBE underwriters the unique ability to precisely tailor a program for each individual customer. Overall, QBE Custom Property contains 33 additional coverages, 50 Property endorsements, and 22 Crime endorsements.
Highlights of the new product offering include:
- A First Party Cyber coverage endorsement which provides coverage for business interruption, data recovery and incident response service expenses, per network security event
- Crime coverages such as computer fraud, funds transfer fraud and disappearance or destruction of Money and Securities without needing a stand-alone Crime form
- CAT capacity availability with flat or percentage deductible options
- Customizable rates on a per location basis
- Dependent property coverage including Time Element
“Mid-size businesses face rapidly evolving and complex property risks,” said Tom Fitzgerald, President of Specialty & Commercial at QBE North America. “Our new property policy responds by providing comprehensive coverage in a very flexible, modular policy structure. It shows our commitment to mid-size businesses and will play a central role in our suite of property & casualty products as we look to grow our presence in this important market segment.”
QBE Custom Property is initially available in 29 states for new business policies effective March 1 and renewal policies effective April 1. QBE plans to expand the product to all 50 states, subject to regulatory approvals.
“We’re pleased to report that feedback from our brokers who have seen the new product has been very positive,” said John Beckman, Chief Underwriting Officer at QBE North America. “Our use of Bold Penguin’s RiskGenius artificial intelligence platform, which we have fully integrated with our systems, really helped with the development. It enabled us to quickly and thoroughly compare key policy terms and conditions in the marketplace and deeply drill down to the specific nuances of the coverages available. Combining this offering with our risk services and claims expertise will help better position our customers to manage the risks they are facing today and tomorrow.”