Insuranceciooutlook

QBE North America Introduces New QBE Custom Property Product to Offer Flexible, Customized Insurance Coverages for Mid-Sized Companies

By Insurance CIO Outlook | Tuesday, February 16, 2021

QBE North America is a global insurance leader focused on helping customers solve unique risks, so they can focus on what matters most

Fremont, CA: QBE North America announced its new QBE Custom Property product, offering state-of-the-art coverage based on feedback from brokers and customers as well as a comprehensive market analysis supported by artificial intelligence.

"Mid-size businesses face rapidly evolving and complex property risks," said Tom Fitzgerald, President of Specialty & Commercial at QBE North America. "Our new property policy responds by providing comprehensive coverage in a very flexible, modular policy structure. It shows our commitment to mid-size businesses and will play a central role in our suite of property & casualty products as we look to grow our presence in this important market segment."

As a result, the product takes a highly modular approach that gives brokers and QBE underwriters the unique ability to tailor a program for each customer. Overall, QBE Custom Property contains 33 additional coverages, 50 Property endorsements, and 22 Crime endorsements.

Highlights of the new product offering include:

• A First Party Cyber coverage endorsement which provides coverage for business interruption, data recovery, and incident response service expenses, per network security event

• Crime coverages such as computer fraud, funds transfer fraud, and disappearance or destruction of Money and Securities without needing a stand-alone Crime form

• CAT capacity availability with flat or percentage deductible options

• Customizable rates on a per-location basis

• Dependent property coverage, including Time Element

"We're pleased to report that feedback from our brokers who have seen the new product has been very positive," said John Beckman, Chief Underwriting Officer at QBE North America. "Our use of Bold Penguin's RiskGenius artificial intelligence platform, which we have fully integrated with our systems, really helped with the development. It enabled us to quickly and thoroughly compare key policy terms and conditions in the marketplace and deeply drill down to the specific nuances of the coverages available. Combining this offering with our risk services and claims expertise will help better position our customers to manage the risks they are facing today and tomorrow."

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