What is the story about?
What's Happening?
Willis, part of WTW, has launched a new embedded bloodstock insurance proposition in collaboration with specialty insurer Markel and Equine MediRecord, a digital health platform. This initiative aims to make bloodstock mortality and theft cover more accessible for horse owners and trainers by embedding insurance directly into Equine MediRecord's compliance software. The platform, which is regulator-approved, simplifies adherence to animal welfare and anti-doping regulations and is used by equine regulators and top horse organizations internationally.
Why It's Important?
This development is crucial for the equine industry as it provides a streamlined and accessible insurance solution for horse owners and trainers. By embedding insurance into a widely used compliance platform, Willis and Markel are enhancing the convenience and efficiency of obtaining coverage, potentially increasing customer loyalty and satisfaction. This approach reflects a growing trend of integrating insurance into vertical SaaS platforms, offering improved experiences and strategic advantages for businesses.
What's Next?
The partnership between Willis, Markel, and Equine MediRecord may lead to further innovations in embedded insurance solutions within the equine industry. As the platform gains traction, it could expand its offerings and reach, potentially influencing other sectors to adopt similar integrated insurance models.
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