UK-based digital commercial insurance provider Aurora has rolled out a comprehensive commercial combined insurance product with high indemnity limits tailored for small and medium-sized enterprises (SMEs).
This new offering integrates key coverages such as employers liability, property, business interruption and public liability.
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Aurora’s product is backed by AXA Insurance and leverages Aurora’s data-driven online insurance platform.
The new solution from Aurora extends up to £12.5m in property indemnity as well as £10m in public liability coverage.
It automates processes traditionally requiring manual input, facilitating instant quotes and policy binding for a wide array of trades.
Aurora’s platform not only streamlines insurance procurement but also provides a suite of additional services and benefits to insurers, brokers and their clients.
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By GlobalDataBrokers using Aurora’s platform can benefit from its flexibility, with the option to select from a variety of modular and granular cover elements to suit clients’ specific needs.
Commenting on the new product launch, Aurora co-founder and chief technology officer Bijal Patel said: “Delivering our algorithmic and our data-led thesis for such a complex product set is an incredible milestone. We are 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.”
Furthermore, the launch of this product coincides with the release of Aurora’s initial portfolio management tool designed to enhance portfolio oversight and provide detailed insights.
This tool aims to assist Aurora and its partners in monitoring and refining performance.
Aurora Jan-Vincent Finn co-founder and CEO 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.”
In May this year, Aurora collaborated with AXA to launch a new management liability policy.
