Aurora, an algorithmic insurance platform, has launched a new property owners’ insurance product aimed at changing how brokers access and place property risks in the UK market.
The new offering, which is backed by Lloyd’s, utilises Aurora’s digital platform and real-time data enrichment capabilities to provide cover up to £3.5 million. The company also stated there are plans to increase capacity in the near future.
Aurora’s property owners’ product is intended to address underinsurance among UK residential and commercial property owners. The product offers coverage for a variety of tenant types, including those often not supported by standard property insurance products, with the goal of reducing the insurance gap in the market.
The product also provides UK brokers with broader access to Lloyd’s capacity, which Aurora says will help reduce barriers in the placement process and allow brokers to focus on managing client relationships.
Robyn Lockhart (pictured above), property owners’ lead at Aurora, said the new solution delivers placing efficiency, reduces administrative costs, and increases accessibility for brokers.
“Our core mission has always been to leverage technology to simplify and enhance the insurance value chain, and this latest product is a clear testament to this vision,” Lockhart said.
The product includes property, business interruption, employer’s liability, and public liability cover, with limits up to £12.5 million for property and £10 million for public liability.
In October, Aurora secured seed funding from QBE Ventures, the investment arm of QBE Insurance Group. The investment is directed at supporting the development of Aurora’s algorithmic trading capabilities and broadening its product range.
The backing is also intended to help Aurora create new partnerships for commercial distribution, contributing to the company’s ongoing expansion plans.
The company has also made key appointments to its leadership team. In March, Aurora named Lockhart as property owners lead and Chris Champion as senior trading underwriter. Both individuals bring extensive experience from Covéa Insurance.
What are your thoughts on this story? Please feel free to share your comments below.
