Digital managing general agent Aurora has unveiled its flagship commercial combined product tailored for SMEs.
Backed by AXA, the new offering includes property, business interruption, employer’s liability, and public liability coverage. Available through the Aurora platform, it offers indemnity limits of up to £12.5 million for property and £10 million for public liability.
By leveraging algorithms and automation, Aurora streamlines processes that usually require human intervention, facilitating instant quotes and binding for a wide array of trade types.
The platform also provides a multitude of additional services and benefits for brokers, insurers, and customers. Brokers, for instance, can select modular and detailed coverage options to meet specific needs.
“Delivering our algorithmic and data-led thesis for such a complex product set is an incredible milestone,” declared Aurora co-founder and chief technology officer Bijal Patel (pictured right).
“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.”
Jan-Vincent Finn (pictured left), co-founder and chief executive at Aurora, had this to say: “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.”
Meanwhile, the rollout coincides with the introduction of Aurora’s portfolio management offering, aimed at enabling enhanced oversight, detailed insights, and real-time performance monitoring.
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