Agile introduces embedded inland transit cover

Originally published on Insurance News.

Insurtech Agile Underwriting Services has added embedded insurance for inland transit to its growing stable of products.

The new offer covers physical loss and damage to more than 150 codes of goods in transit for up to $500,000 in value and will be made available to brokers and logistics platforms through Agile’s online trading platform, Powered by Agile.

“We’re excited to launch another Lloyd’s binder at Agile and to work with an innovative syndicate that understands embedded insurance and API-first distribution,” Agile co-founder Ben Webster said. “Embedded insurance is gaining momentum and we have a winning combination with the team, the inland transit product and the platform.”

Agile plans to leverage its expertise in online distribution to help freight forwarders and logistics platforms embed the insurance in their daily operations.

“We want to put insurance on autopilot for customers and partners,” Mr Webster said. “We can offer shippers peace of mind that their goods are covered by Lloyd’s while helping our partners differentiate their platforms by embedding our API. The good news for shippers is they don’t have to rely on the carrier filing a claim.”

There are now 22 niche products available on Powered by Agile and the business now has 13 binders and a growing team.

Agile added Construction All Risk (CAR) for construction, building and civil engineering projects earlier this month, available to brokers via the construction team, headed by Sydney-based engineer and underwriter Simon Garske.

The other binders include accident & health, aviation, casualty, construction, cyber, drones, financial lines and retail travel.