Aurora, a digital commercial insurance business, has launched its flagship Commercial Combined solution, supported by AXA Insurance, for small or midsize enterprises (SMEs).
The new product will encompass Property, Business Interruption, Employers Liability and Public Liability, and will be available to brokers and insureds online via Aurora’s dynamic, algorithmic and data-driven insurance platform.
The managing general agent (MGA) is now able to automate segments of the market which typically require human intervention to enable instant quote and bind for hundreds of trade types.
This has been achievable as Aurora has secured limits of indemnity of up to £12.5 million on Property and £10 million on Public Liability.
Co-founder and CTO, Bijal Patel commented: “Delivering our algorithmic and our data led thesis for such a complex product set is an incredible milestone.
“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.”
Co-founder and CEO, Jan-Vincent Finn added: “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.”
Aurora’s platform delivers a vast range of additional services and benefits for brokers, insurers and customers. It enables brokers to choose from modular and granular additional elements of cover.
This announcement also coincides with the MGA’s release of the first iteration of its portfolio management proposition, allowing greater oversight, portfolio grip and granular insights.
This in turn will allow Aurora, as well as its insurance partners to monitor and improve performance in real-time, the MGA explained.
