Charity insurer Ansvar, a division of
Ecclesiastical, has launched two new products specifically developed for the Acturis platform as it focuses on the growing importance of e-commerce.
The niche not-for-profit insurer revealed two new coverages this week – Charity Protect, which covers smaller charities with a turnover of up to £250,000, and Charity Protect Plus for small to medium charities with a turnover of up to £1,500,000.
“The market is crying out for a more automated approach,” James Manning, head of underwriting at Ansvar, told Insurance Business. “As with most insurances, at the low end to make the price more competitive, you’ve got to make it low touch.
The new coverages are the first charity products to be available via Acturis, and Manning expects that other insurers will soon follow suit. “I’m sure, over a period of time, the competition will see that it’s an area that they could exploit. No doubt within a year or two, there will be others on the platform as well.”
Ansvar, which currently has over 40,000 charities, voluntary groups and not-for-profits on its books, is offering optional cyber coverage as part of the Protect Plus product, as data protection grows increasingly important and cyberattacks increase in frequency.
“I think it’s a risk for most businesses, but I think it’s the innocent loss of data which is probably a bigger concern [for charities],” Manning commented. Many charities and not-for-profits are staffed by volunteers and semi-professionals, who have “limited experience and exposure in some of these areas and in what is required of them,” he said.
While the two new products have been developed to be delivered via Acturis, brokers are also able to access the coverages via a portal on the Ansvar website.
Ansvar’s managing director, Richard Lane added: “E-commerce is an increasing focus for Ansvar and the opportunity to work with Acturis and develop some bespoke products for the platform was the perfect solution. We’ve worked hard with our partners to develop these new products which will give brokers and their customers the cover and flexibility they need.”
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