’We’re thankful to Axa for demonstrating their confidence in our algorithmic framework,’ says co-founder
Managing general agent (MGA) Aurora has launched a new commercial combined product for small and medium sized enterprises (SMEs).
The proposition, which is backed by Axa, covers property, business interruption, employers liability and public liability.
It is available to brokers and insureds online via Aurora’s insurance platform.
Bijal Patel, co-founder and chief technology officer, said: “We’re thankful to Axa for demonstrating their confidence in our algorithmic framework, making it easier and quicker for brokers and insureds to get quotes in real-time for more complex risk profiles.”
Limits
The MGA also revealed it had secured indemnity limits of up to £12.5m on property and £10m on public liability.
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Jan-Vincent Finn, co-founder and chief executive of Aurora, said: “We believe that algorithmic lead and follow will very much become a material part of the future of the commercial line’s ecosystem.
“Automating such a complex package of products where appetite, rules and pricing are typically applied by an underwriter is a signal of Aurora’s intention to be part of this augmented and future looking ecosystem.”
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