Fresh from
its rebranding,
Geo Underwriting is already busy partnering with legal expenses insurer
DAS UK Group. The two have launched an insurance offering that combines home emergency, legal expenses, and cyber cover for high-net worth families.
All three components of the Private Clients product will be underwritten by DAS while Geo will be responsible for administering. In addition, the cyber aspects have been developed as part of DAS’s ongoing collaboration with
Munich Re’s HSB Engineering Insurance (HSB).
“I’m delighted that we can launch Geo’s first personal lines product on the very day that Geo personal lines itself is born,” said Alex Fletton, chief executive of personal lines at Geo. “The new Private Clients product is the result of the expertise and vision of our Private Client MD Scott Leonard and his team who have chosen the best partners – such as DAS, HSB, and DynaRisk – who are real experts in their field and will bring something new and innovative to this market.”
As for DynaRisk, its risk management platform is part of the Private Clients product for cyber threat mitigation and risk assessment. For clients, it helps in risk reduction; for brokers, it may be used presale to assess prospective policyholders’ cyber risk and allow intermediaries to tailor their coverage.
“Although making cyber a mandatory part of a home insurance product is still quite rare, it is the addition of a cyber risk health check for consumers that is a real game changer for the industry,” noted James
Henderson, managing director of insurance UK & Ireland at DAS UK Group. “Threats from online crime such as hacking, ransomware, and identity theft are now just as potentially devastating to consumers as a house fire.
“As an insurer’s role is increasingly to protect and prevent, it’s vital that companies such as DAS reflect these seismic societal changes, as well as the opportunities they present.”
Henderson believes the new product takes cyber cover to the next level.
Related stories:
Oak Underwriting unveils partnership with DAS
Covea enhances cyber product for HNW customers
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