Willis has introduced a new specialty bloodstock insurance solution in partnership with Equine MediRecord, aiming to streamline the process of purchasing bloodstock insurance for horse owners and trainers in the UK.
The agreement brings together Willis and Equine MediRecord, a vertical SaaS platform specialising in equine digital health software. Equine MediRecord is part of Canada-based Inova Group’s Business Infusions.
Willis says that the platform is the only regulator-approved digital medicines register in the UK and is designed to simplify compliance with animal welfare and anti-doping regulations. It is also the first software system to be approved by any equine regulatory body for meeting strict reporting standards.
Equine MediRecord’s services are available in several countries, including Ireland, the United Kingdom, France, the United States, and Saudi Arabia.
As part of the partnership, Markel will use Willis’ low-code technology platform to distribute a bloodstock mortality and theft insurance product. This product will be embedded within the Equine MediRecord platform.
The embedded solution will initially target Equine MediRecord’s UK client base, which includes both large stud farms and individual horse owners in the multi-billion-euro equine sector.
The launch comes at a time when the global bloodstock market is experiencing significant growth. Industry analysts estimate that between US$2.5 billion and US$3 billion is traded annually through top-tier auctions, reflecting the high value placed on elite racehorses.
Furthermore, the global horse insurance market was valued at $580 million in 2023 and is projected to reach US$1.77 billion by 2033.
The bloodstock insurance market is highly specialised, with only a limited number of carriers in the UK and US offering equine mortality programmes. For high-value horses, insurers typically limit their exposure to US$2 million per animal, requiring risks to be distributed across multiple insurers.
Anthony Borgman, head of GB Affinity at Willis, commented on the launch, stating, “We are delighted to launch the first fully embedded bloodstock solution making insurance easy to access and quick to arrange.”
“Today’s announcement demonstrates how insurance is quickly becoming a strategic proposition for vertical SaaS platforms. Embedding insurance serves to offer customers improved and more convenient experiences, which in turn can enhance customer loyalty with the brands they trust,” Borgman said.
The UK equine insurance sector has also seen recent expansion, with new bloodstock divisions being launched by other firms such as White Bear Group.
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