Fusion Specialty launches world’s first online M&A insurance product in NZ
Fusion Specialty launches world’s first online M&A insurance product in NZ | Insurance Business New Zealand
Insurance News
Fusion Specialty launches world’s first online M&A insurance product in NZ
The product covers transactions below NZ$100 million
Insurance News
By
Kenneth Araullo
Fusion Specialty and io.insure have announced the New Zealand launch of Mio, the world’s first online M&A insurance product, specifically tailored for buyers and sellers of firms valued at or under NZ$100 million.
Mio was first launched in Australia, UK, and the US, and delivers a digital experience that ensures accessible, efficient, and cost-effective M&A cover. This NZ-specific launch was made with the country’s market in mind.
Through the io.insure platform, the product leverages Fusion’s underwriting expertise, which efficiently brings parties non-binding indication of terms through to a bound Mio policy and invoice issuance within 48 business hours. Advisors for the insured simply need to supply responses online using simple due diligence questions and information about the deal, which then enables the algorithm to accelerate the underwriter’s capabilities in reviewing the risk and delivering a quote.
“Mio offers client value, faster deal execution and an affordable M&A insurance solution for clients,” said Katherine Simmonds, Fusion International CEO. “The Mio experience is digital, saving time and resources, speeding up the underwriting process without compromising on quality of coverage.”
Likewise, io.insure managing partner Ian Hutchinson said that the platform which delivers the policy is designed to bring much-needed efficiency to the process of buying M&A insurance.
“When the advisors and client are ready to bind the policy, the client digitally signs a no claims declaration – and a signed policy and invoice are generated instantly on the platform. Ultimately, the entire process means a better experience for all involved – less time required and lower cost for the client. We’re very excited to bring a tailored solution to the New Zealand market,” Hutchinson said.
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