Subsidiary of global insurer Allianz Group, Allianz Global Corporate & Specialty (AGCS), has partnered with InsurTech firm, Visicover, and will now underwrite the company’s aircraft insurance solutions and provide the claims management service.
Under the new partnership agreement Visicover, an online award-winning InsurTech firm, will offer both its existing and new Aeroplane and Helicopter policyholder’s insurance solutions underwritten by AGCS, who will also provide the claims management service.
Tom Chamberlain, Underwriting Manager for Aerospace and General Aviation, AGCS, said; “The aviation industry is undergoing significant change. New technologies are impacting companies’ risks; creating new and eliminating old risks. Technology is also changing buying trends and distribution channels.”
AGCS has been involved in the aviation insurance sector for more than a century, and has a wealth of industry experience. This includes insuring some of the very first pioneers in flight during the 1920’s, to being a forerunner in the satellite insurance space.
“This new partnership with Visicover aligns with Allianz’s “Digital by Default” strategy to focus on new distribution channels for our products and in particular, explore ways to enhance the customer journey in an increasingly digital world. Through working with Visicover, we will be part of the innovative drive to understand how new technologies and insurance propositions can benefit the customer and how they will develop in the future,” continued Chamberlain.
Jan Houlberg, Managing Director, Visicover, added; “The original vision for Visicover was to create a better solution based on simple flexible products, lower premiums and online self-servicing so that aircraft owners could manage their cover themselves.
“Since launching only four years ago we’ve taken a significant share of the general aviation insurance market. Allianz is the ideal partner as we look to increase our presence and expand our offering in the aviation space and look to move into other markets.”