Arch Insurance International has announced an investment in Archipelago Risk Services Limited, a tech-driven managing general agency (MGA) backed by underwriting capacity from Arch Insurance (UK) Limited.
The Archipelago platform is a trading system that supports personal lines business by helping distribution partners grow and manage their client accounts through automation and reducing the cost of administration.
It will underwrite only intermediated business, and will also enhance customer service by minimising policy application question sets and providing clients the option of digitising their claims process, Arch explained.
The insurtech personal lines insurer was founded by former Aon executives Angus Simpson, who will serve as CEO, and Richard Coleman.
Archipelago will distribute its products in the UK covering home, motor, travel, pet and residential investment property through wealth managers and selected specialised personal lines brokers.
“Our investment in Archipelago allows us to offer an innovative and differentiated way to serve mid- to high-net-worth individuals in the UK,” said Hugh Sturgess, CEO of Arch Insurance International. “Archipelago is the newest part of our overall UK growth strategy.”
Simpson also commented: “We founded Archipelago from our desire to improve personal lines for everyone involved. In creating our new platform, we re-examined every part of the business model and, crucially, the service to our distribution partners and their clients.”