By Chris Munro

June 5 - (The Insurer) - Middle market workers’ compensation-focused MGA Insurate has inked a capacity deal with Markel, a partnership that supports the carrier’s bid to expand in the sector.

Omaha, Nebraska-based Insurate was founded in 2019, and the company is led by founder and CEO Joe McIlhon.

The insurtech MGA leverages AI and safety scoring methodologies to underwrite and manage workers’ compensation risks.

According to Insurate, a core element of its model is the creation of a virtuous cycle for safety.

By systematically analyzing performance data and providing actionable insights, the insurtech works with clients to improve workplace safety.

As Insurate explained, this proactive approach can not only help limit the frequency and severity of incidents but also means safety-conscious companies can possibly benefit from savings that recognize their cultural commitment to safe practices.

“Insurate's forward-thinking approach to risk assessment and safety aligns perfectly with Markel and our commitment to innovation, empowering individuals, and creating long-term value,” said Jeff Lamb, executive director, programs and alliances at Markel.

“We were impressed not only by their technology but also by their fundamental understanding of the insurance landscape and their focus on fostering safer workplaces.

“This collaboration represents a carefully considered step to enhance our capabilities and better serve the vital middle-market segment,” Lamb added.

Markel adds to Insurate’s capacity panel which already includes SiriusPoint and Swiss Re, while its investors comprise firms such as HSCM Ventures, Foundation Capital, Clocktower Technology Ventures, Rise of the Rest and Sure Venture.