Arch Insurance International has made an undisclosed investment into MGA InsurTech startup Archipelago Risk Services.
Archipelago is a personal lines insurer was founded by former AON executives Angus Simpson and Richard Coleman. The InsurTech is backed with underwriting capacity from Arch Insurance.
The insurance company combines technology and primary data sources to offer flexible, multi-cover policies and dynamic pricing. The personal lines insurer offers products to UK consumers to protect home, motor, pet and residential investment property exclusively through distribution partners.
Its platform serves as a trading system to enable distribution partners grow and manage their client accounts through the automation of the customer journey and lowering administration and compliance burdens. Alongside this, clients can minimise policy application and digitise their claims process.
Arch Insurance International CEO Hugh Sturgess 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.”
There has been a lot of activity within the InsurTech sector of late. Earlier this week, Nationwide partnered with Slice Labs to develop an on-demand insurance solution for rideshare drivers of companies like Uber or Lyft.
Copyright © 2019 FinTech Global