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Arch Insurance invests in InsurTech Archipelago

In View Summary

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.

Archipelago Platform has integrated up to 14 insurance, compliance, and demographic data sources, – in real time, – into a technology and data ecosystem.

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.”

Reported Benefits

Benefits to Customers:

  • Reduced processing times and costs
  • Reduced errors
  • Increased transparency
  • Real-time
  • Easier claims

Benefit to the Insurer:

  • Increased reach
  • Innovative products and services
  • Customer retention
  • Reduced processing time and costs
  • Reducing fraud
  • Real-time

The Digital Insurer's View

Increased access to on-demand services, such as ride sharing and food delivery apps, has created a new type of consumer that values convenience and ease of use when spending money. Insurers with legacy systems find it tough to provide customers a comparable level of experience, but InsurTechs are beginning to compete effectively in this space.

Companies like Archipelago provide incumbents with the required technology and expertise to close their technology gaps and allow them to stay ahead of the increasing competition from InsurTechs.

References

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