Renaissance plans global play with new insurance arm

Renaissance plans global play with new insurance arm

Renaissance has set up a new business division to develop markets for a data insurance service it plans to launch globally.

The company has established Renaissance Indemnity, which holds the global patent to Indatasure, a data insurance offering Renaissance recently acquired the rights to.

Renaissance Indemnity channel manager Nik Key says Indatasure was originally developed in the United Kingdom, but struggled to find agents there.

However, Renaissance managing director Paul Johnston saw potential in the product and decided to buy patent rights to the offering, after originally signing an agreement to manage its distribution, says Key. “We are now launching in New Zealand and then Singapore, the UK and the United States.”

According to Key, the offering is unique as it provides data insurance and includes a backup and restore service.

One aspect that sets Indatasure apart from other data insurance offerings is its patented process that relates the value of data directly to the insurance policy, he says. “Customers can now put a value on their data and can upgrade the value as their data grows.”

The insurance policy also covers the cost of data restoration and provides full indemnity protection, says Key. “This protects organisations from liability where customer data is lost.”

The service saves data through a fully automatic software suite that encrypts data to three times that of banking encryption standards, then compresses and transmits it, says Key.

Data is then stored on zero-failure systems with multiple disk copies, ready for immediate retrieval and restoration.

Indatasure also features a legally-registered claims process and is the only business continuity and disaster recovery offering approved by the insurance industry globally, says Key.

The service is underwritten by QBE Insurance and exceeds US and UK corporate governance standards for data management and protection, he says.

One of Renaissance Indemnity’s first routes to market locally for Indatasure is through a new programme being rolled out by fellow division, Renaissance Brands.

Indatasure is a key component in Renaissance Brands’ Save, Insure, Secure (SIS) programme, which also includes hardware from NEC, material damage insurance and finance options from Rentplus.

Renaissance Brands is actively looking for resellers for the programme, says general manager Mark Dasent. “It is an opportunity to earn greater upfront margins for resellers.”

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