The Geo journey has begun.
An exciting future lies ahead as our Towergate businesses move over to Geo. From 1 February 2018, our personal lines business joins Geo Specialty in operating under the Geo brand. The move marks the next step in a programme of change as we transform into an agile MGA structured for long term success in an evolving insurance market.
Our commercial businesses will soon also move over to Geo, completing the operational phase of the transition. But that’s by no means the end of it. We’re on a journey to make a difference. To carriers. To brokers. To the industry as a whole. Geo is the start of that journey.
We look forward to sharing it with you.
Geo & DAS launch Private Clients cover with cyber as standard
This year kick started with reports of a major flaw in Intel chips leaving millions of computing devices, and therefore their owners, exposed to hackers.
To add to this, a report by cybersecurity firm Norton, revealed in 2017 alone 17 million Britons were targeted by phishing, ransomware, online fraud and hacking, with hackers stealing £4.6 billion from British internet users.
The data poses the question ‘Are individuals sufficiently insured against this type of threat?’
Geo Private Clients, part of managing general agent Geo Underwriting, has launched a new high-net-worth household insurance proposition to address just that; including cyber risk assessment as standard with support from DAS UK Group, the UK’s leading legal expenses insurer.
The new product, which is available through a select group of brokers, provides clients with all the cover you would expect from a leading high-net-worth household policy with the addition of a cyber insurance package as standard. This covers clients for cyber-crimes, ransoms, hacks and viruses ensuring the whole family are protected for both physical and virtual threats alike.
Scott Leonard, Managing Director, Geo Private Clients said: “Our new Private Clients household product is something we’ve been working on for a while. I feel that the product reflects the changing nature of the world we live in and the threats individuals are exposed to.”
“In addition, as a business our success is dependent on the service we offer and creating a point of difference. We’re focusing on mitigating risk rather than just paying out claims and utilising technology to make insurance a purchase that really benefits our end clients.”
James Henderson, Managing Director Insurance UK & Ireland, DAS UK Group, said: “Threats from online crime such as hacking, ransomware and identity theft are now just as potentially devastating to consumers as a house fire. As an insurer’s role is increasingly to protect and prevent it’s vital that companies such as DAS reflect these seismic societal changes, as well as the opportunities they present.”
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