In the UK, Arch Insurance International has invested into MGA InsurTech startup Archipelago Risk Services, which deals with personal lines to serve mid- to high-net-worth customers. The startup is founded by two insurance broking executives and is being underwritten by Arch Insurance. It combines technology and primary data sources to offer flexible, multi-cover policies and dynamic pricing.
The company offers products to UK consumers to protect home, motor, pet and residential investment property exclusively through distribution partners. The platform enables distribution partners to grow and manage their client accounts through the automation of the customer journey and help in lowering administration and compliance burdens. For clients, this will help in minimising policy application time and digitise their claims process.
The platform helps:
– set up new clients, quote and arrange cover in under ten minutes
– Roll up all client’s general insurance needs into one policy
– Email policy documents to clients immediately
– Access and manage accounts anywhere on a mobile device
– Identify new sales opportunities from one dashboard
Hugh Sturgess, CEO of Arch Insurance International, said, “Our investment in Archipelago allows us to offer an innovative and differentiated way to serve mid to high-net-worth individuals in the UK. Archipelago is the newest part of our overall UK growth strategy.”