Markel partners with Insurate to enter middle-market workers comp. sector

Markel Insurance, the insurance arm of Markel Group Inc., has entered into a strategic collaboration with Insurate, an insurtech specialising in the middle-market workers’ compensation sector.

Markel explained that, after careful market analysis and due diligence, it identified Insurate as the right market entry partner, recognising its combination of deep industry expertise and a sophisticated high-technology background.

The collaboration aims to combine Markel’s established strength and network with Insurate’s agility and technological innovation to offer workers’ compensation solutions tailored to the needs of the middle market.

Insurate’s platform utilises advanced AI algorithms to analyse expansive datasets, providing nuanced insights into workplace safety performance, allowing for accurate risk assessment and pricing, particularly for complex industrial and service operations.

An important element of Insurate’s model is the creation of a virtuous cycle for safety. By systematically analysing performance data and providing actionable insights, the firm collaborates with its insureds to measurably improve workplace safety.

Jeff Lamb, Executive Director, Programs & Alliances at Markel, commented, “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.”

Joe McIlhon, Chief Executive Officer, Insurate added, “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.”

Markel believes that the sector plays a critical role in supporting America’s infrastructure and essential services. This partnership aligns with Markel’s long-term goal of establishing itself in the sector.

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