(Image source: OnRisk product video.)
AFL Insurance Brokers (London) has become an early adopter of the OnRisk structuring platform, which delivers a CAD-style, graphical software toolset enabling risk professionals to visualize and interact intuitively with each complex risk to facilitate the placement process and improve buyer outcomes. OnRisk is a Princeton, N.J. based InsurTech startup aiming to support high-value risk space, which comprises more than $350 billion of premium, and spans the most challenging global risks, such as natural catastrophes, cyberthreats, terrorism, product liability, financial risk and other large exposures.
“This platform is highly innovative and a really exciting step forward that will enable us to improve our presentation of risk transfer arrangements to our clients, to reinsurers and to ILS capital providers,” comments James Poole, Director of Specialty and Head of AFL’s new Agile Risk Advisory (ARA) practice.
Describing their relationship as a strategic partnership, OnRisk and AFL say they will be working on a number of advanced placement platform extensions that will model the transaction types most commonly used by brokers to shard high-value risk. These include inward/ outward coverages; follow-form placements; facilities and pools; master and local coverages; inuring/benefiting coverages; bundled coverages; terms & conditions; inner aggregates; time-based coverages; claim development and coverage erosion; and CAT modeling APIs.
“Our modeling and prototyping starts with established risk-sharing methods, but we are hopeful our clients can adapt our structuring tools to explore new forms of risk transfer,” comments Frank Sweeney, CEO, OnRisk.
“We are delighted to have the opportunity to work with a true London Market innovator such as AFL,” Sweeney adds. “I am confident our collaborative efforts will help demonstrate the efficacy of a disciplined, CAD-based approach to risk transfer, and enable a market shift from a reliance on manual processes to a more dynamic risk structuring environment.”