Beazley in digital health move

Insurer Beazley has launched an online portal to support brokers and clients as they tackle the risks faced by the fast growing digital health sector.

The underwriter said the portal aims to provide its broking partners with unlimited access to a regularly updated library of tools and content covering claims materials, insights and detailed information covering Beazley’s Virtual Care product.

Available globally from today, the portal is designed to help brokers and clients understand and mitigate key areas of risk affecting tech-led healthcare & wellness services. Beazley Virtual Care is a flexible risk solution that integrates bodily injury cover across core modules to provide comprehensive insurance for the risks faced by digital health organisations all under one policy. These modules include:

  • Medical malpractice
  • Technology & media liability
  • General and products liability
  • Cyber liability and breach response

Evan Smith, global head of miscellaneous medical and life sciences at Beazley, said: “Digital health is an exciting, fast-growing sector that is expanding exponentially in 2020. From the beginning of the pandemic when virtual consultations became a necessity for millions of patients, through to the ongoing social distancing rules in many parts of the world, strong growth is expected to continue beyond the current health crisis. Having an integrated, holistic insurance solution will help to manage the complex web of interconnected risks within digital health and support its development.

“Since first launching Beazley Virtual Care in 2017 we have amassed deep knowledge of the risk landscape and the claims that digital health clients face. This enables us to provide insight and support to our broking partners, and we have launched the Virtual Care portal to help with this. We are excited to continue to work more closely with our partners as we build and develop our Virtual Care offering globally.”

Within the digital health sector is a wide range of organisations including many start-ups through to established household names across telehealth, mHealth, med tech, lifestyle & wellness and life sciences.

Beazley Virtual Care first launched in the United States in 2017 and has been available in the United Kingdom since 2019. The policy is also now available for digital health clients across Canada, Spain, Singapore and Hong Kong as of this year.

“With demand growing globally, Beazley is extending its Virtual Care offering to further territories in the coming months including countries in Latin America and continental Europe,” it added. “Aligned with Beazley’s commitment to reducing complexity across products, the US Virtual Care wordings will be refreshed in 2021 to ensure the policy continues to reflect the sector’s changing needs.”