Aurora, a digital management general agent (MGA) headquartered in London, has launched an owner insurance product supported by Lloyd’s, aiming to simplify the process for brokers to underwrite property risks. This product offers comprehensive coverage of up to £3.5 million ($4.7 million) and plans to further enhance underwriting capacity in the future. Aurora leverages its digital platform and real-time data augmenting technology to help address the insufficient insurance coverage for residential and commercial property owners in the UK, particularly covering tenant types that traditional property insurance typically does not support.
Aurora said that the new product has expanded the access of British brokers to Lloyd’s market, reduced the friction in the insurance allocation process, and enabled brokers to focus more on customer relationships. The company’s proprietary algorithmic underwriting platform has been optimized for over 700 types of trade, ensuring an efficient and easy-to-understand insurance procurement process.
Robyn Lockhart, the head of Aurora’s owner insurance business, said: “This product improves configuration efficiency, reduces management costs, and provides brokers with more convenient market access.” Our goal is to simplify and optimize the insurance value chain through technology, and this new product is precisely the embodiment of this vision. The launch of this product further consolidated Aurora’s leading position in the field of digital insurance solutions.
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