Azur, the managing digital agent, has announced the launch of two new products – Azur Niche and Azur Unoccupied – to meet the broad insurance needs of high net worth clients.
Azur Niche is aimed at clients who require a solution for their assets, but who might be considered higher risk than normal. For example, the product can provide cover for those that may have an imbalanced portfolio, inadequate home security, history of claims or who is not permanently based in the UK.
Azur Unoccupied is designed to offer a solution for properties that are for sale, undergoing renovation or not permanently lived in, which can represent increased risk.
Both of the InsurTech firm’s products are underwritten by AIG
Paul Glennerster, technical underwriting manager at Azur, said. “We’ve noticed that, when circumstances change for [high net worth] clients, brokers are often left to source alternative policies. For example, when a client has a string of unfortunate claims the holding insurer may advise the broker that the risk is no longer a fit for their traditional appetite and therefore will need to seek alternative cover.
“This is not only inefficient, but also results in a poor user experience for the broker and the client. In examples like this, our new products will enable us to seamlessly move an existing client across to our new products to reflect the change in their circumstances or quote a new client that cannot get cover from their holding insurer. We are set up to offer brokers a complete cycle of insurance products to cater for their clients’ changing needs across a broad range of different scenarios.”
Azur signed a partnership with Logical Blue, the developer of explainable AI and machine-learning tools for businesses, in May. The partnership would enable the InsurTech startup improve its risk analysis for underwriters.
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