AFL Insurance Brokers Ltd. announced that re/insurance broker George Stagg has joined the company to lead its technology incubator division as associate director, innovation.
Stagg joins from RK Harrison, where he was most recently a terrorism political violence and war broker. Stagg has experience in developing and launching new products, and proactively participates in various London market innovation groups, said AFL in a statement.
AFL’s technology incubator unit is designed to spearhead innovation by supporting and accelerating Insurtech and general technology start-ups, the broker said in a statement.
The incubator provides new insurtech businesses with a launch platform and access to expertise and insights, market intelligence, regulation and governance, business development, and marketing and brand-building, said AFL, which is a privately owned Lloyd’s broker founded in 2008.
Insurtech companies already benefiting from the AFL Incubator include phone insurance trailblazer So-Sure and flight interruption insurance specialist Blink.
In addition to insurtech businesses, the AFL incubator also works closely with technology start-ups outside of the insurtech sphere, developing tailor-made insurance products to help them launch and grow their businesses. This includes companies in the sharing economy and on-demand sectors, such as short-term letting specialist Under The Doormat, and on-demand healthcare pioneer Qure.
“Without the insurance building blocks in their business, many tech startups exploring innovative new models wouldn’t be able to take those first steps,” said AFL CEO Bob Finch. “Being the partner of choice for these companies is fundamental to AFL – we are committed to supporting entrepreneurs and innovators, and, wherever possible, integrating new processes into our own business.”
“From electronic processing across product classes to insuring new risks, we are absolutely committed to driving change in the re/insurance industry,” commented AFL Chairman Toby Esser.
He said AFL supports “the latest and best ideas that will disrupt the traditional business model in favour of more agile, proactive ways of working.”
AFL has offices in London and Manchester and is also part of the Worldwide Broker Network (WBN).
Source: AFL Insurance Brokers (AFL)