Allianz Global Corporate & Specialty launched a new online distribution platform targeted to small commercial business accounts. Travelers is beefing up its coverage for directors and officers who must take part in company investigations. Liberty Mutual and new acquisition Ironshore are starting coverage for construction projects developed through design-build or integrated project delivery.
Allianz Global Corporate & Specialty unveiled a new online distribution platform for the U.S. market that lets brokers rate, quote, issue and service small commercial business accounts online.
The platform, dubbed AllianzGo, also allows policyholders to view related documents, make payments and submit claims.
AllianzGo allows AGCS to issue policies online with immediate effect due to automation of the previous labor-intensive paper-based manual underwriting process.
AGCS said the digital platform will serve industries including retail, business services, offices, wholesalers and distributors, commercial real estate, apartments and condominiums. It’s designed for businesses with up to $6 million in revenue per location and as much as $10 million in total insured values per policy.
The Travelers Companies is now offering coverage that provides additional support to directors and officers asked to appear at meetings or produce documents as part of an internal corporate investigation.
Most insurance products in the space for publicly-traded companies provide coverage for defense expenses incurred when directors and officers respond to interview requests from regulatory bodies. Travelers said its new Enhanced Interview Request Coverage can reimburse those costs incurred when companies conduct their own investigations, before any government involvement.
Enhanced Interview Request Coverage addresses evolving exposures created by regulations that require corporations to help investigate and identify individuals responsible for misconduct, Travelers said. It can be triggered when a company self-reports potential corporate wrongdoing, and brings a layer of protection to public businesses and individuals at an earlier time in the investigation process.
Liberty Mutual and new acquisition Ironshore are launching coverage for construction projects developed through design-build or integrated project delivery.
Both insurers’ dedicated construction practices are focused on the offering, an Integrated Primary Wrap Up/Project Specific Program that includes general liability and professional liability protection for medium and large construction projects developed through design-build or integrated project delivery.
Workers compensation coverage will be available as separate policy.
Liberty Mutual and Ironshore say the new product helps better manage risks for projects that leverage design build and integrated project delivery systems by offering an integrated policy addressing general liability and professional liability exposures typical with these approaches.
Sources: Travelers, AGCS, Liberty Mutual/Ironshore