MarketScout buys cyber insurtech platform Wingman

Electronic insurance exchange and specialty managing general agent MarketScout has bought into cyber insurtech platform Wingman.

The company will add Wingman to its MGA accelerator programme, giving retail agents the option of accessing cyber insurance coverage in a 60-second quote to bind electronic format, with the aim of delivering policies within two minutes.

MarketScout made the investment through its MarketScout InsurTech Ventures unit.

Company CEO Richard Kerr said Wingman was “by far the most impressive quote to bind offering we have analyzed”.

He added, “The Wingman offering provides retail agents the ability to quote, bind, pay, and issue policies in less than three minutes.

“Many talk about this efficiency but few are able to actually deliver. Wingman delivers.”

Wingman CEO G Philip Feldman added, “We are excited about our partnership with MarketScout.

“We share the common goals of making insurance buying as easy as an Amazon purchase and only offering the broad policy coverage policyholders expect.”

MarketScout launched the $25m InsurTech Venture Fund two years ago, focus on technology-enabled insurance distribution.

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