Aurora, the London-based digital managing general agent, h
as 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 insu
rance 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 p
roperty 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 fr
iction in the placemen
t process and enabling brokers to concentrate on value-driven client relationships, the company said.
Robyn Lockhart
“We’re excited to introduce a solution that delivers placing efficiency, reduces administrative costs, and greater ac
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cessibility for brokers. Our core mission has always been to leverage
technology to simplify and enhance the insurance value chain, and this lates
t 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.