Counterpart, an AI-driven management liability InsurTech for small businesses, has launched a crime insurance product.
Counterpart offers modern directors & officers, employment practices, excess and fiduciary products for small businesses. Through data mining and advanced analytics, the company said its rating systems measure risk more efficiently while requiring less information from the broker and applicant.
According to the US Department of Commerce, employee theft costs businesses $50bn annually, and costs are rising at a rate of 15% per year.
Counterpart said the new offering helps identify employee theft and social engineering perils by utilizing Counterpart’s proprietary machine learning-based underwriting system, which includes employee sentiment analysis, as well as proactive risk mitigation guidelines.
The crime insurance policy can be purchased on a standalone basis or packaged with its existing products.
Backed by Aspen, the Crime insurance expansion reinforces Counterpart’s commitment to using its cutting-edge technology to address critical exposures of small businesses.
Mike Levins, head of insurance at Counterpart, said, “Small businesses often lack the internal auditing and risk management capabilities of larger businesses, which can make them more susceptible to Crime risk. Our extensive underwriting experience, proprietary data infrastructure, and increased market presence have enabled us to craft a Crime product that complements our existing insurance lines.
“We are grateful for the continued support of the well-respected team at Aspen, along with many of our broker partners, who have helped us develop a very competitive product.”
Zac Clammer, executive vice president, management liability at Aspen, added, “Counterpart has established an impressive track record of innovation. We are pleased to continue developing our partnerships with Counterpart across the growing portfolio of excess and primary small business insurance products that we are bringing to market.” e helped us develop a very competitive product.”
InsurTech NEXT Insurance, which is on a mission to transform small business insurance, recently teamed up with provider of third-party insurance verification services Evident, to provide NEXT’s tailored insurance solutions to the small businesses that Evident verifies.
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