Sompo, a commercial and consumer property and casualty (P&C) reinsurance provider, has launched a new marine insurance proposition across the UK.
This marks the first time the insurer will offer marine cargo, and transport and logistics policies beyond London.
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The marine cargo UK policy from Sompo will provide all-risks coverage, eliminating the need for institute cargo clauses and ensuring clients are automatically covered unless specific exclusions are stated.
This policy’s simplification extends to documentation, with all coverage now presented in a single document, easing the customer experience.
Similarly, the transport and logistics UK proposition is designed to offer a comprehensive package solution including freight liability, employers liability, public, products and pollution liability, and property covers under a unified wording.
This product targets a wide array of logistics and transportation businesses such as contract logistics companies, couriers, customs brokers, freight forwarders, road hauliers, shippers and warehouse keepers.
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By GlobalDataLeading the charge outside London are Diane Blyth, head of marine cargo UK regions, and Jon Clare, head of transport & logistics, UK regions.
Both report to Paul Ashworth, Sompo head of aviation, energy & marine, who also oversees the insurer’s marine operations in London.
Sompo UK CEO of commercial P&C insurance Bob Thaker said: “We are constantly looking at ways to adapt our business model to ensure we provide the very best service and experience possible to brokers and clients right across the UK.
By increasing capacity and establishing an outstanding team of regionally-based underwriters, our new proposition expands the offering we currently provide in London so we can now also cater for growing regional demand to write directly marine cargo and transport and logistics policies.
“Both have been developed to be as simple as possible and are underwritten by our highly experienced team of marine specialists to eliminate uncertainty and ensure peace of mind for our clients.”
In a bid to bolster its digital capabilities, Sompo struck a partnership with Palantir Technologies last month.
The collaboration focuses on integrating AI solutions to fast-track the insurer’s digital transformation.
Over the next three years, Sompo plans to invest in data integration and AI solutions, with the goal of improving pricing, underwriting and risk management decision-making processes.
