Sydney, Australia (CU)_ Agile, one of the winners of Insurance Business Australia’s 5-Star Technology 2022 award and Insurance Business Australia’s Awards for 2022 excellence, has introduced its 50th insurance product, Commercial Legal Fees insurance, on its Powered by Agile platform. Commercial Legal Fees is the 50th specialized insurance product on the marketplace, which is meant to cover legal fees and expenditures if a policyholder is trapped in a legal issue or must defend themselves. It provides coverage for legal expenditures of up to $250,000 and optional coverage for commercial contract issues.
According to Clive Davidson, chief of finance lines at Agile, the insurtech introduced the new product in response to a tightening market which has resulted in certain management liability policies becoming too costly or restricted. Davidson expressed delight over the company’s 50th launch. He said, “We’re excited to launch Legal Fees on the back of our growing Tax Audit portfolio. In addition, as well as defense, there is coverage provided for exposures not commonly covered such as some pursuit situations.”
According to Davidson, broker response to Commercial Legal Fees has been fast and good, with early indications showing increased interest as the product’s demand continues to rise. He said, “We are monitoring the response to the product very closely and will be making adjustments based on feedback from brokers and customers over the next few months”.
Ben Webster, co-founder of Agile, expressed optimism over the new product. He said, “We’re excited to be launching our 50th niche product. We’ve been consulting with our key broking partners and listening to their feedback on the products and features they need. We have some ground-breaking features and products on the way in the next six months.”
