View this article online: https://www.insurancejournal.com/news/international/2021/04/08/609052.htm
Independent global managing general agency incubator platform Pro MGA Solutions (Pro.MS) announced it has partnered with smart home insurance specialist Hiro.
London-based Hiro has developed a home insurance product that aims to proactively mitigate the risk of customers suffering loss incidents.
Pro.MS provides a multi-territory MGA platform for ambitious underwriters and distributors to support their growth. Pro.MS is a unit of re/insurance outsourcing and consulting specialist Pro Global Holdings Ltd.
Hiro will utilize Pro.MS’s licensed platform to launch, with ongoing regulatory and compliance support from Pro.MS’s in-house expertise.
Hiro encourages customers to engage in preventative maintenance tasks through app mechanisms. Customers are given discounts on smart technology to protect their homes and are rewarded for the technology they already have in place.
The platform encompasses a comprehensive range of services, enabling Pro.MS to design with each MGA cell a support structure suited to their particular needs and geared to growing the business through the incubation period.
“As people start thinking more about how to protect their contents with technology, we are seeing that reflected in their choice of cover. The idea of actively protecting your home and belongings is very persuasive – and even if you’re fortunate enough to never need to claim on your insurance, you can check up on your home from anywhere in the world,” commented Hiro Co-Founder and CEO Krystian Zajac.
“Customers see the everyday value with a hybrid technology and insurance proposition like this, versus a traditional ‘paper’ policy, and get more of what they really want from insurance,” added Zajac. “We, in turn, reduce our claims costs, revolutionise the value proposition for home insurance and drastically improve acquisition, retention and customer lifetime value.”
Following Hiro’s successful crowdfunding at the end of 2020, the company “is now ready to develop and commercialize an insurance product that will fundamentally disrupt the market, and we are delighted to be working with the experienced team at Pro.MS to deliver this,” he said.
“What impressed me about Hiro is what they’re doing is completely different from the ‘sell it and forget it’, traditional approach to home cover,” according to Pro.MS CEO Danny Maleary.
“From our side, we’re here to help with corporate and regulatory compliance as Hiro looks to make in-roads into the home insurance market, as well as working with capacity providers, providing governance and controls to ensure that underwriting management is at the highest standard, as well as further business development and marketing advice and support,” added said Maleary.
Source: Pro MGA Solutions