Managing general agencies, technology companies and property/casualty specialty insurers announced partnerships recently to deliver coverage offerings for workers compensation, cyber and drone insurance.

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SiriusPoint Providing Capacity for Workers Comp MGA Insurate. On Sept. 21, Bermuda-based global specialty insurer and reinsurer SiriusPoint Ltd. announced that it will provide capacity and collaborate with MGA Insurate in underwriting and developing insurance products in the workers compensation medium to high-hazard space.

Insurate is a newly launched managing general agent focused on small and mid-sized U.S. industrial businesses with an established culture of safety. The startup uses analytics and data science to offer more affordable workers compensation premiums to safer-than-average companies operating in medium to high-hazard industries such as manufacturing, transportation, energy and construction.

Insurate provides more accurate insights into a company’s risk profile by complementing standard underwriting tools and processes with additional granular safety and operational data not currently used in the evaluation of industrial risk, the two companies said in a statement. Using a proprietary Safe-Tier algorithm, Insurate identifies a company’s underlying risk profile and rewards companies evidencing a strong safety culture with more attractive insurance costs.

Insurate is led by Joe McILhon, founder and chief executive officer, and Scott Weller, president. McILhon is a Chartered Property Casualty Underwriter and has been a licensed Property/Casualty and Life/Health agent and consultant for nearly two decades. Weller has 25 years’ experience in executive management and startup leadership roles, including corporate development, sales, marketing and general operations, and he was President of intellectual property licensing firm Radian Labs before joining Insurate.

The third founder, Chief Financial Officer Hossein Mousavi, has almost 30 years’ experience of leading successful projects from start to completion. Prior to joining Insurate, he was Managing Partner of an aerospace investment firm and CEO of leading U.S. telecommunications company Cequint.

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EXL Teams With CyberCube to Help Insurers Keep Up With Cyber Demand. On Sept. 14, EXL, a data analytics and digital operations and solutions company, announced a collaboration with CyberCube, the cyber risk analytics company, to jointly develop cyber insurance solutions for the property/casualty insurance industry.

Putting together EXL’s insurance industry data, analytics and operations management expertise with CyberCube’s cyber risk signals, scores, and analytics, they expect to help insurers rapidly scale their cyber insurance offerings to meet growing demand.

A spokesperson for EXL explained that CyberCube has developed algorithms necessary for insurers to quickly and easily evaluate a business’ cyber risk exposure, while EXL has expertise in integrating data and analytics solutions into existing insurance industry workflows. By working together, they can put CybeCube’s specialized cyber risk analytics right into the insurance workflow so the whole process from initial underwriting to policy administration is managed seamlessly.

“Cyber is a tough class of business and we are seeing an uptick in both frequency and severity of loss activity,” said Raghav Maheshwari, Global Head of P&C Commercial Insurance and Insuretech at EXL. “The biggest challenge we see insurers facing in this space is the lack of continuity and consistency in the way cyber risk is measured, tracked and reported. By working together with CyberCube, we will create a proprietary view of cyber risk that standardizes how underwriters will evaluate and underwrite cyber risks, simplify the way underwriting teams can ingest data and assess cyber risks, and ultimately provide a support model for cyber underwriters.”

According to a media statement about the partnership, the combined offering will help standardize cyber risk underwriting by creating a single view of risk that can be applied consistently and tracked across the organization, creating a common framework across pricing, actuarial, reinsurance partners and the chief underwriting officer. The partnership launch offering will center on underwriting optimization leveraging CyberCube’s “Account Manager” product.

“The best InsurTech analytics in the world are meaningless if they can’t be integrated seamlessly into the enterprise-wide workflows of the major P/C carriers,” said Ross Wirth, CyberCube’s Head of Client Account Management and Technology Services. “Our partnership with EXL is an exciting opportunity for CyberCube to expand support to our clients by developing a customized operating model to best incorporate Account Manager and its scores and signals into their daily workflow in a customizable and repeatable fashion.”

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Liberty Mutual and REIN Launch Insurance Offering For Sony Electronics Inc. On Sept. 21, Liberty Specialty Markets (LSM), announced that it is teaming up with InsurTech REIN to provide Sony Electronics with an insurance product to offer purchasers and operators of Sony’s Airpeak S1 Drone

According to a media statement, this will be an “instantly accessible coverage option” for Sony customers.

LSM is a part of Liberty Mutual Insurance’s Global Risk Solutions division.

REIN is a technology company that transforms carriers’ insurance products so they can be embedded in digital commerce environments.

Sony, one of the world’s leading technology and manufacturing businesses, announced the Airpeak S1, the world’s smallest class drone that can be equipped with a full-size mirrorless interchangeable-lens Alpha camera, in December 2021.

As drone use increases, operators increasingly need sufficient and appropriate insurance coverage. Having an insurance product offer provides added value to Sony’s Airpeak S1, and gives added confidence to those who seek to explore this fast-growing market, LSM and REIN said.