Agile, named one of Insurance Business Australia's 5-Star Technology 2022 winners and Insurance Business Australia Awards 2022 excellence awardees, has launched Commercial Legal Fees on its Powered by Agile platform.
The 50th niche insurance product on the platform, Commercial Legal Fees is designed to cover legal costs and expenses if a policyholder is involved in a legal dispute or needs to defend themselves. It offers up to $250,000 legal expenses cover and optional cover for commercial contract disputes.
Clive Davidson, head of financial lines at Agile, said the insurtech launched the new product in response to the hardening market that makes some management liability policies too expensive or restrictive.
“We’re excited to launch Legal Fees on the back of our growing Tax Audit portfolio,” Davidson said. “In addition, as well as defence, there is coverage provided for exposures not commonly covered such as some pursuit situations.”
Davidson said broker feedback on Commercial Legal Fees has been immediate and positive, with early signs indicating rising interest as demand for the product continues to grow.
“We are monitoring the response to the product very closely and will be making adjustments based on feedback from brokers and customers over the next few months,” he said.
Agile co-founder Ben Webster added: “We’re excited to be launching our 50th niche product. We've been consulting with our key broking partners and listening to their feedback on the products and features they need. We have some ground-breaking features and products on the way in the next six months.”
