Markel Insurance and Insurate, an InsurTech company focused on the middle-market workers compensation sector, have formed a strategic partnership.
Markel is a major U.S.-based insurer known for underwriting discipline and long-term perspective, while Insurate brings artificial intelligence and next-generation safety scoring into underwriting complex compensation risks.
The partnership marks Markel’s strategic entry into the middle-market workers compensation space. After a detailed evaluation of the sector, Markel chose Insurate for its deep understanding of both the insurance industry and advanced technology applications. This collaboration is expected to enhance Markel’s capabilities and provide more tailored services to a crucial segment of the market.
Markel operates with a strong emphasis on disciplined underwriting, long-term value creation, and supporting underserved insurance markets. Insurate, on the other hand, offers a technology-driven approach that uses AI algorithms to analyse safety data, helping to assess and price risk more accurately for mid-sized companies, especially in industrial and service sectors.
A defining element of Insurate’s model is its ability to improve safety culture through continuous analysis of workplace data. Its AI system generates insights that help reduce accident frequency and severity, supporting safer work environments. This not only mitigates risk but also financially rewards companies that prioritise safety.
This collaboration aligns Markel’s industry reach and legacy with Insurate’s agility and tech innovation, aiming to reshape workers compensation offerings for mid-market employers. The shared goal is to foster safer workplaces while offering more competitive insurance solutions.
Markel has long acknowledged the vital role that mid-sized businesses and their employees play in maintaining national infrastructure and essential services. This partnership reflects a commitment to supporting these communities and delivering solutions that align with their operational realities.
Markel executive director, programmes & alliances Jeff Lamb said, “Insurate’s forward-thinking approach to risk assessment and safety aligns perfectly with Markel and our commitment to innovation, empowering individuals, and creating long-term value. We were impressed not only by their technology but also by their fundamental understanding of the insurance landscape and their focus on fostering safer workplaces. This collaboration represents a carefully considered step to enhance our capabilities and better serve the vital middle-market segment.”
Insurate CEO Joe McIlhon said, “We are thrilled to collaborate with Markel, a company renowned for its underwriting discipline, long-term perspective, and deep respect for the industries it serves. This relationship is a powerful validation of our vision and technology. Markel’s support will accelerate our ability to deliver solutions that protect workers and reward businesses dedicated to safety excellence.”
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