Aurora Launches Commercial Combined Solution for SMEs

The new product spans Property, Business Interruption, Employers Liability and Public Liability, is supported by AXA Insurance, and via Aurora’s data-driven insurance platform.

(Image credit: Joshua Strang/USAF, NASA Goddard Space Flight Center.)

Aurora (Hamilton, Ontario), a digital commercial MGA, has launched what it calls its flagship Commercial Combined offering. The new product, spanning Property, Business Interruption, Employers Liability and Public Liability, is supported by AXA Insurance (Paris), and available to brokers and insureds online via Aurora’s dynamic, algorithmic and data-driven insurance platform. The MGA has secured limits of indemnity of up to £12.5m on Property and £10m on Public Liability, automating segments of the market which typically require human intervention to enable instant quote and bind for hundreds of trade types.

Bijal Patel, Co-founder and CTO, Aurora.

Aurora created a platform to deliver a wide range of additional services and benefits for brokers, insurers and customers. The company says it enables brokers to choose from modular and granular additional elements of cover.

The launch announcement coincides with Aurora’s release of the first iteration of its portfolio management proposition, which the firm says allows greater oversight, portfolio grip and granular insights to help Aurora and its insurance partners monitor and improve performance in real-time.

“Delivering our algorithmic and our data led thesis for such a complex product set is an incredible milestone,” comments Bijal Patel, Co-founder and CTO, Aurora. “We’re 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.”

Future-Looking Ecosystem

“We believe that algorithmic lead and follow will very much become a material part of the future of the commercial line’s ecosystem,” adds Jan-Vincent Finn, Co-founder and CEO, Aurora. “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.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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