Arch Insurance International is investing an undisclosed amount in the brainchild of former Aon executives Angus Simpson and Richard Coleman.
Backed with underwriting capacity from Arch Insurance (UK) Limited, new managing general agent (MGA) Archipelago Risk Services Limited will distribute its home, motor, travel, pet, and residential investment property products in the UK through wealth managers and specialised personal lines brokers.
The tech-driven MGA’s business model is described as a combination of the latest technology, primary data sources, a flexible multi-cover policy, and dynamic pricing options.
“We founded Archipelago from our desire to improve personal lines for everyone involved,” commented Simpson, who will serve as the insurtech’s chief executive. “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.”
Archipelago’s trading system was designed to automate much of the customer journey as well as reduce the burden and cost of administration and compliance. Other features include minimised policy application question sets and the option for clients to digitise the claims process.
“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 Arch Insurance International CEO Hugh Sturgess (pictured). “Archipelago is the newest part of our overall UK growth strategy.”