The SoCal sister company of insurtech leader TicketGuardian enters into agreement with Fortune 500 insurance company
LOS ANGELES, Sept. 27, 2018 /PRNewswire/ -- FanShield, LLC, today announced a partnership with Markel Corp. (NYSE: MKL), an A.M. Best insurer with a $17 billion market cap. FanShield, LLC, is a wholly owned subsidiary of parent company Protecht, Inc. which also founded the technology platform TicketGuardian, in 2016. The Markel partnership will give FanShield the size and strength of a carrier partner to accommodate significant scale and growth.
"Establishing this partnership is a huge step in our company's growth plans. It is a strong endorsement of our team, our current operations, and our future success," said CEO Bryan Derbyshire, founder of Protecht, Inc.
FanShield will offer insurance solutions across the partner platforms that span the live event space. Whether it's a race, a concert, a sporting event or a tour, consumers will have the option to protect their ticket with FanShield and Markel Corp. TicketGuardian and FanShield, as technology and insurance offerings respectively, are at the forefront of an important turning point in the live events space. As it stands now, most event tickets and registrations are non-refundable and often go to the secondary market for resale.
"The backing of Markel will help us to continue serving the event organizers who sell tickets and the consumers who buy them. It will also enhance our risk capacity and production scale commitments," Derbyshire added.
"Markel Digital is constantly looking to partner with new and emerging insurtech players. We think Protecht, Inc. and its subsidiaries have a winning business strategy and scalable, innovative technology with its platform to provide peace of mind to both ticket issuers and buyers. We're looking forward to the future and supporting its efforts," said Markel Digital Managing Director Trent Cooksley.
Every year consumers lose money after buying tickets and registrations for live events that, for one reason or another, they cannot attend. Protecht, Inc. is powering an alternative option, one in which a consumer can easily purchase FanShield or one of its vertical focused brands, as protection during the checkout process for an event on numerous partner ticketing and registration platforms.
Furthermore, as Protecht, Inc. rolls out its proprietary TicketGuardian technology and control mechanisms to the live events industry, the future of ticketing refunds, exchange and secondary markets will expand beyond no refunds or secondary sales only – offering organizers and their platforms control over inventory, additional ticket sales, customer data, and engagement.
About Protecht, Inc.
Protecht, Inc. is a technology leader committed to building a better experience in the world of live events. Protecht, Inc is a privately held company headquartered in Newport Beach, Calif. For more information, visit www.protecht.io.
FanShield, LLC is a licensed insurance agency wholly-owned by Protecht Inc. FanShield offers low-cost consumer and event protection in the live-events industry, protecting attendees and organizers from financial burden. FanShield insures tickets, registrations, and events including music, sports, endurance, conferences and more. FanShield powers peace of mind by bridging the gap between experience and the non-refundable world of live events. For more information visit www.fanshield.insure.
TicketGuardian is the insurtech leader in the live events space powering a better fan experience by connecting platforms, venues, and event organizers, with fans. By providing real-time data and analytics, TicketGuardian powers control over inventory, customer service, strategic marketing, and ultimately the fan experience. For more information, visit www.ticketguardian.net.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com or to learn more about Markel Corporation Group's financial strength, please visit www.markelcorp.com/investor-relations/am-best.
About Markel Digital
Markel Digital leads Markel Corporation's insurtech engagement by evaluating emerging technologies, establishing relationships with start-ups and digital distribution partners, developing innovative and disruptive insurance solutions, and making strategic investments in this space.