Available Now in the UK as Combined Cyber & Terrorism Cover
LONDON & RESTON, VA, December 10, 2019 – 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 complementary 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, which is regulated by the Central Bank of Ireland and has a strong financial rating of A from AM Best, underwrites WonderCover.
QOMPLX recognizes that future success in the insurance industry will depend on addressing challenges such as insufficient modelling in terrorism, gaps in analytical capabilities for man-made perils and the need to focus on intangible risk that is not adequately covered under traditional policies. QOMPLX:MGA is reducing industry complexities by simplifying the claims processes and allowing for complete transparency. For more information visit www.QOMPLX.insurance.
About QOMPLX, Inc.
QOMPLX makes it faster and easier for organizations to integrate disparate internal and external data sources across the enterprise via a unified analytics infrastructure that supports better decision-making at scale. This enterprise data-fabric is called QOMPLX:OS, an enterprise operating system that powers QOMPLX’s decision platforms in cybersecurity, insurance, and quantitative finance. Headquartered in Reston, VA, QOMPLX also has offices in New York, Denver and London. For more information visit QOMPLX.com and follow @QOMPLXOS.
We are a leading specialty (re)insurance group providing clients with proven smart risk solutions for underwriting and claims. Our enterprising and trusted experts offer market leading cross class capabilities, empowered decision-making and a tailored approach.
With our headquarters in London, and our international hubs for Europe, MENA, Latin America and Asia, we protect clients in over 200 countries and territories worldwide.
We offer clients the flexibility of both Lloyd’s and, through Chaucer Dublin, the company markets. Chaucer Dublin is rated A (AM Best) and A- (S&P) through China Re.
Our dedicated claims team completes our underwriting proposition, epitomising the capabilities required to handle even the most complex incident. We provide a first class claims service and most importantly, pay valid claims promptly. Gracechurch, the sector leading insurance research company and independent authority on London market performance, recognises our claims service as ‘outstanding’.
Our clients also benefit from the support of our parent company, China Re, a leading reinsurer in China, and one of the top 10 reinsurance companies in the world, which maintains excellent security ratings from A.M. Best and Standard & Poor’s. China Re is listed on the Hong Kong stock exchange (1508.HK). For more information, please visit chaucerplc.com.
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