AGCS, Insurtech Visicover Launch Marine Insurance Service for UK Leisure Vessel Owners

Allianz Global Corporate & Specialty (AGCS), Allianz’ entity for large-scale corporate and specialty risks, announced the launch of an online marine insurance service designed for UK leisure vessel owners in collaboration with insurtech company Visicover.

Visicover’s web-based service lets customers buy their policies online and enables them to fully self-administer their cover at a time that suits them. Customers can personalize their cover according to their specific needs, which allows for “a radically new approach to risk rating,” explained AGCS in statement.

The launch of the service for marine leisure vessels builds on the success of Visicover’s online aviation product, which is already available in partnership with AGCS across 10 European countries, including the UK.

“The marine insurance sector continues to undergo significant change. New technologies are enabling new distribution models, underpinned by greater insights into risk data,” commented Andrew Whitehouse, head of Marine, Regional Unit London for AGCS.

“This initiative with Visicover aligns with Allianz’s ‘Digital by Default’ strategy by enabling a new platform for our marine products. It also helps us to explore ways to enhance the customer journey in an increasingly digital world,” he added.

“Marine insurance remains a key strategic area for AGCS and this launch demonstrates our continued commitment to providing innovative solutions for customers in this important area of risk,” Whitehouse said.

“Clients’ expectations of insurance providers are becoming ever greater, shaped by their online experiences in other sectors. They want to be able to choose the cover that suits them at the time they need it, all delivered quickly and at a compelling price,” said Jan Houlberg, Visicover CEO.

“Meanwhile, a well-designed, online self-service proposition provides data opportunities for insurance providers to gain hitherto un-dreamt of insights into the risks they insure, knowledge which can then be used to greatly enhance their business decision making,” Houlberg continued.The new marine leisure product will provide such insights, and we are pleased that its launch further strengthens our cooperation with AGCS.”

Source: Allianz Global Corporate & Specialty

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