Aurora, the London-based digital managing general agent, has launched a property owners insurance product, aiming to enhance the way brokers access and place property risks.
The new product, backed by Lloyd’s, leverages Aurora’s digital insurance platform and real-time data enrichment to provide comprehensive cover up to £3.5 million (US$4.7 million), with plans to increase capacity.
Aurora’s property owners offering is designed to mitigate underinsurance for both UK residential and commercial property owners, and narrow the insurance gap by providing coverage for a diverse range of tenant types, often not supported by standard property products.
The product also broadens market accessibility to Lloyd’s of London capacity for all UK brokers, reducing friction in the placement process and enabling brokers to concentrate on value-driven client relationships, the company said.
“We’re excited to introduce a solution that delivers placing efficiency, reduces administrative costs, and greater 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,” commented Robyn Lockhart, property owners lead, at Aurora.
Aurora provides businesses with tailored, easy to understand, affordable insurance products in real-time. Underpinned by a proprietary algorithmic underwriting platform, the insurance procurement process has been augmented for over 700 trade types.
Source: Aurora
Topics Excess Surplus New Markets Insurance Wholesale Property Lloyd's
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