Aurora launches new commercial combined product tailored for SMEs

Aurora, the managing general agent, has launched a flagship commercial combined product tailored for SMEs.

Aurora, the managing general agent, has launched a flagship commercial combined product tailored for SMEs.

Supported by AXA insurance, the product includes property business interruption, employers’ liability, and public liability coverages, according to InsurTech Insights.

The launch of this new product aims to simplify the insurance process for SMEs by offering comprehensive coverage options in a streamlined, automated manner. Aurora has automated segments of the market that typically require human intervention, allowing instant quoting and binding for hundreds of trade types.

The firm, known for its innovative approach to the insurance sector, has developed this product to enhance the efficiency and accessibility of insurance for small and medium-sized enterprises.

The company leverages advanced technology to provide instant quotes and binding, significantly reducing the time and effort required for these processes.

The newly launched commercial combined product offers extensive coverage, including indemnity limits of up to £12.5m for property and £10m for public liability.

Brokers and insurers can access the product online via Aurora’s insurance platform, which also provides a range of additional services and benefits, such as modular and granular extra elements of cover.

The introduction of this product follows Aurora’s recent management liability policy release in May, which was also developed in partnership with AXA.

This continued collaboration demonstrates the strong relationship between Aurora and AXA, and their joint commitment to innovation in the insurance industry.

Aurora recently appointed Tom Willmore to a newly created broker-facing role at the beginning of the year. Since the start of 2024, the company has onboarded over 20 brokers, showcasing its rapid growth and increasing market presence.

CEO and Co-Founder Jan-Vincent Finn said he was “delighted to work with brokers who want to be able to instantly place more complex risks and access our new AXA-based commercial combined offering.”

He added, “We believe that algorithmic lead and follow will very much become a material part of the future of the commercial line’s ecosystem.”

“Automating such a complex package of products where appetite, rules, and pricing are typically applied by an underwriter is a signal of Aurora’s intention to be part of this augmented and future-looking ecosystem.”

Aurora Co-Founder and CTO Bijal Patel commented, “Delivering our algorithmic and data-led thesis for such a complex product set is an incredible milestone. We’re thankful to AXA for demonstrating their confidence in our algorithmic framework, making it easier and quicker for brokers and insureds to get quotes in real-time for more complex risk profiles.”

Keep up with all the latest FinTech news here

Copyright © 2024 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.