NOW Insurance, an AI-integrated commercial insurance platform focusing on medical professional liability coverage, has secured funding.
An investment has been secured from a subsidiary of Arch Capital Group Ltd., complemented by a strategic managing general agent partnership with Arch Insurance North America.
Offering a fresh perspective to the insurance sector, NOW Insurance stands out as a data-centric, AI-enhanced InsurTech. Challenging traditional norms, it promises a medley of tailor-made, pocket-friendly, and adaptable coverage solutions, perfectly catering to the dynamic requisites of today’s physicians and healthcare practitioners.
The newly acquired capital will play a pivotal role in the rollout of its novel array of medical malpractice products. This includes scaling their pioneering platform and broadening their distribution corridors. Foremost among the upcoming introductions is an innovative portal exclusively crafted for brokers, enabling them to seamlessly submit and finalise medical malpractice coverage for doctors online.
In a market dominated by age-old business techniques, NOW Insurance emerges as a beacon of innovation, wielding AI to redefine the medical malpractice insurance paradigm.
NOW Insurance CEO Philip Cabaud remarked, “I am very excited to further strengthen our partnership with Arch. As an innovative company and leader in the InsurTech space, they understand the potential of our platform and have shown their commitment in helping it succeed.”
Arch Capital Group Ltd.’s Chief Strategy and Innovation Officer, Jay Rajendra, also shared his enthusiasm stating, “NOW Insurance’s innovative approach to the medical malpractice market aligns with Arch’s commitment to using analytics and AI to deliver an exceptional broker experience. We’re looking forward to bringing NOW’s platform to our broker partners and working closely with NOW to further develop their analytics capabilities.”
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