At-Bay, the specialty insurance provider for the digital age, today announced the launch of its Miscellaneous Professional Liability (MPL) product, becoming the first to offer an automatically underwritten policy that customizes coverage and pricing across more than 50 diverse business classes.
With the new offering, At-Bay expands its product suite beyond its flagship Cyber Liability and Technology Errors and Omissions coverage to meet demand in a highly underserved part of the insurance market.
“Employment in the professional services sector has grown three times faster than overall U.S. employment in the last decade. These businesses come in all shapes and sizes, and many face increased exposure related to the services they provide,” said Austin Martin, At-Bay’s Head of Professional Liability. “As a fast-growing specialty insurance provider born in the digital-first economy, At-Bay was built to help modern businesses meet these risks head-on.”
As a digital-first product, MPL from At-Bay will be exclusively available on the At-Bay Broker Platform, where brokers can generate a quote in under two minutes.
“MPL has traditionally been a difficult product to automate, which makes for a slow and frustrating experience for brokers,” said Brett Sadoff, At-Bay’s Head of Insurance. “We are leveraging our technology to provide a seamless digital experience, one that allows brokers to quote faster, bind faster, and maximize efficiency.”
At-Bay underwrites MPL insurance policies as a managing general agent (MGA) through a Markel Corporation subsidiary, rated A by A.M. Best. The new product line provides capacity up to $5 million in limits for businesses up to $25 million in revenue.
“We are proud to collaborate with At-Bay and support its expansion into new markets,” said Scott Whitehead, Managing Director, Markel Insurtech Underwriters. “Through an immensely successful cyber program, At-Bay has proven that a combination of highly skilled underwriting and automated technology is exactly what brokers want and need right now. We look forward to growing together well into the future.”