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Who provides the underwriting? (I’m assuming you do not have anywhere near the capital to do it yourselves)

Have you paid any claims out yet?

In my experience these insurance products (ex: E/O coverage for bespoke software services) are a checkbox on a requirements doc for dealing with large companies. They’re never invoked and it ends up being a private tax. All the customers care about is if you have coverage and if the underwriter has a minimum rating or is from a preapproved list.

We worked closely with our reinsurance partner (Munich Re) to develop our underwriting and pricing framework. They are back-stopping any claims associated with our policies, and are one of the two largest and best-rated re-insurers in the world.

We haven't paid out any claims yet -- our oldest polices are only about three months old -- but have built out a claims management approach to ensure we're doing the right thing for our members (while also of course making sure there isn't claims fraud).

In terms of where these policies are needed -- you're right, in some cases business insurance is a requirement to close contracts (E&O and Cyber are frequent contract requirements) but in my own experience other lines are really valuable. I've seen meaningful property claims in other businesses I've been involved with, and there are good reasons to have EPLI and D&O as well.

Thanks for the comments.

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