QOMPLX, the intelligent decision platform provider, and Chaucer, the international specialty (re)insurance group, have together created WonderCover, the first multi-peril parametric insurance product specifically tailored to the needs of small to medium-sized enterprises (SMEs). WonderCover provides organizations with a safeguard against disruption of their businesses and prompt payment to support rapid recovery.
WonderCover is complimentary to the current marketplace by offering coverage on a basis not provided by traditional insurance. WonderCover will be first made available in the UK and its initial offering will combine protection triggered by specific Cyber, IT interruption, and Terrorism. WonderCover provides automatic payment of a predetermined amount to the policyholder once a triggering event occurs. Policy holders receive payment quickly rather than waiting to find out if a claim qualifies or enduring a potentially contentious loss adjustment process to determine the total amount of losses covered.
“We aim to provide clients with creative underwriting products and a first-class service, and our partnership with QOMPLX will deliver this,” said Andrew Bauckham, Senior Political Violence Underwriter at Chaucer. “UK SMEs want smart cyber and terrorism solutions, and WonderCover definitely provides this.”
WonderCover is offered by QOMPLX MGA and is available on the Acturis platform. QOMPLX MGA will be partnering with additional distributor and broker platforms.
“WonderCover is a first-of-its-kind product that provides a much-needed solution to two of the most critical business risks facing organizations in the UK today,” said Raveem Ismail, General Manager, QOMPLX MGA. “WonderCover responds to the market demand for a custom-made cyber and terrorism policy that provides certainty and transparency, combined with benefits of a straightforward application process and the prompt payment of claims.”
Chaucer Insurance Company DAC in Ireland, which has a strong financial rating of A from AM Best, underwrites WonderCover.
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