Artificial Intelligence InsurTech News

Counterpart Launches AI-Powered Crime Coverage For Small Businesses Backed by Aspen Insurance

Counterpart Launches AI-Powered Crime Coverage For Small Businesses Backed by Aspen Insurance

Counterpart’s Crime insurance is available on a package or standalone basis enabling small businesses to protect themselves against all four major management liability exposures.

Counterpart, the AI-driven management liability insurtech for small businesses, announced the launch of Crime insurance. The policy can be purchased on a standalone basis or packaged with its existing Directors & Officers, Employment Practices, and Fiduciary insurance lines. Backed by Aspen, the Crime insurance expansion reinforces Counterpart’s commitment to using its cutting-edge technology to address critical exposures of small businesses.

Latest Fintech Insights : Flywire Partners with Universitas XXI to Deliver Integrated Payment Solution to Higher Education Institutions in Spain and Latin America

“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”

Employee theft costs businesses $50 billion annually, and costs are rising at a rate of 15% per year, according to the U.S Department of Commerce. 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.

“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,” said Mike Levins, Head of Insurance at Counterpart. “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.”

Read More About Fintech News : iPayables InvoiceWorks Now Available on SAP Store

Crime insurance is available for small businesses with less than 250 employees and less than $100 million in revenue and total assets through Counterpart’s wholesale broker partners.

“Counterpart continues to impress CRC Group and the brokerage community with its effective and efficient quoting and binding tools. Now, with their Crime capabilities, we can rely on Counterpart as a one-stop shop for comprehensive management liability coverage for our valued Insureds,” said Dan Lazarz, Director, CRC – ExecPro Group.

“Counterpart has established an impressive track record of innovation,” said Zac Clammer, Executive Vice President, Management Liability at Aspen. “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.”

Browse The Complete News About Digital Payments : DailyPay Launches Friday, the GPR Card and Mobile App, Powering No-Fee, Instant On-Demand Pay Transfers

[To share your insights with us, please write to sghosh@martechseries.com] 

Related posts

First Bank & Trust Company Expands Agriculture Lending Team To Service North Carolina

Fintech News Desk

Citizens Bank Of Edmond And MX Launch SBA Loan Application Portal For Small Businesses

Fintech News Desk

Oracle Payment Cloud Service Lets Restaurants Accept All Major Payment Options and Eliminate Hidden Fees

Fintech News Desk
1