MarketScout, an American electronic insurance exchange and specialty managing general agent (MGA), has made an undisclosed investment in cyber insurtech start-up Wingman.
MarketScout made the investment in the Wingman insurtech platform through its MarketScout InsurTech ventures (MIT).
As part of the collaboration, Wingman will be included to MarketScout’s MGA Accelerator programme and placed on the MarketScout Exchange.
Wingman offers retail agents access to cyber insurance coverage in a 60-second quote to bind electronic format. It offers insurance policies within two minutes.
MarketScout CEO Richard Kerr said: “Wingman is by far the most impressive quote to bind offering we have analysed.
“The Wingman offering provides retail agents the ability to quote, bind, pay, and issue policies in less than three minutes. Many talk about this efficiency but few are able to actually deliver. Wingman delivers.”
Wingman CEO G Philip Feldman said: “We are excited about our partnership with MarketScout. We share the common goals of making insurance buying as easy as an Amazon purchase and only offering the broad policy coverage policyholders expect.”
Besides operating as an MGA, MarketScout offers its services as a Lloyd’s Coverholder and wholesale broker.
It has developed a new method of electronically distributing and underwriting insurance and manages more than 40 other online and traditional underwriting and distribution venues.