SAN FRANCISCO--(BUSINESS WIRE)--NOW Insurance, a full-stack, AI-enabled commercial insurance platform specializing in medical professional liability coverage, announced today an investment from a subsidiary of Arch Capital Group Ltd. and a managing general agent partnership with Arch Insurance North America.
Proceeds from the latest capital raise will be used for launching its new suite of medical malpractice products, scaling their platform, and expanding distribution networks. Chief among these is the introduction of a new portal for brokers. Brokers will soon be able to submit and bind medical malpractice coverage online for physicians.
“I am very excited to further strengthen our partnership with Arch. As an innovative company and leader in the Insurtech space, they understand the potential of our platform and have shown their commitment in helping it succeed,” said Philip Cabaud, CEO of NOW Insurance.
“NOW Insurance’s innovative approach to the medical malpractice market aligns with Arch’s commitment to using analytics and AI to deliver an exceptional broker experience,” said Jay Rajendra, Chief Strategy and Innovation Officer for Arch Capital Group Ltd. “We’re looking forward to bringing NOW’s platform to our broker partners and working closely with NOW to further develop their analytics capabilities.”
About NOW Insurance
NOW Insurance, a data-driven, AI-powered Insurtech, is designed to disrupt a centuries-old business model to deliver a range of customizable, affordable and flexible coverage options that meet the needs and requirements of modern physicians and healthcare providers. By leveraging advanced, next generation technologies such as predictive analytics and machine learning, NOW Insurance has transformed previously intricate and complex insurance processes into seamless, frictionless customer experiences. NOW Insurance was founded in 2019 by industry veteran Philip Cabaud to provide a best-in-class service for physicians and healthcare professionals in ways they have yet to experience with traditional, legacy insurers. For more information, please visit www.nowinsurance.com.
About Arch Capital Group Ltd.
Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed Bermuda exempted company with approximately $17.4 billion in capital at June 30, 2023. Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
About Arch Insurance North America
Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance operations in the United States and Canada. Business in the U.S. is written by Arch Insurance Company, Arch Specialty Insurance Company, Arch Property & Casualty Insurance Company and Arch Indemnity Insurance Company. Business in Canada is written by Arch Insurance Canada Ltd.
