Insurtech-Driven MGA, Agile, Appointed as StarStone Partner in Australasia

Agile Underwriting Services Pty Ltd., the insurtech-driven managing general agency (MGA) and Lloyd’s coverholder, announced it has been …

Agile Underwriting Services Pty Ltd., the insurtech-driven managing general agency (MGA) and Lloyd’s coverholder, announced it has been appointed as a representative agent for global specialty insurer, StarStone, in Australia and New Zealand.

Agile has been a strategic partner since StarStone launched its Australian underwriting capability in 2016.

The appointment, which follows a strategic review by StarStone, will see Agile represent StarStone across the full range of specialty classes provided by Syndicate 1301.

Agile, with its operations in Sydney, Melbourne, Brisbane (in Australia) and Christchurch (in New Zealand), underwrites accident and health, aviation, cargo, cyber, financial lines, marine hull and marine liability as a Lloyd’s coverholder. Founded in 2015, Agile specializes in insurtech systems and delivery, providing online platforms to brokers and MGA’s that provide efficient access to capacity for smaller risks to reduce friction costs.

Robin Barham, who has served as StarStone Australia’s managing director since its establishment, is also the founder and CEO of Agile. Barham will remain at Agile’s helm, responsible for developing new business activity under a new facility managed by Agile, which will allow continued access to StarStone’s underwriting expertise, following the closure of the StarStone Australia office.

“StarStone’s retention of Agile highlights the ongoing benefits for both businesses and our customers of our existing relationship,” Barham said. “The partnership will ensure customers retain access to StarStone’s capacity and expertise, StarStone will gain more efficient access to Australian customers, while Agile will continue to benefit from working with a global insurer.”

“As StarStone continues its strategy to reposition its operations, we are looking to develop long-term partnerships in key geographies to enhance our global reach,” commented David Message, StarStone’s Group CUO.

“The underwriting team at Agile already has close relationships with our international underwriting teams and is well-placed to assist us in developing our client proposition in the region,” added Message.

StarStone is an international insurance group with six wholly owned insurance platforms, including Lloyd’s Syndicate 1301. StarStone is owned by Enstar Group Limited, the Trident V funds managed by Stone Point Capital LLC and Dowling Capital Partners I, L.P.

Source: Agile Underwriting Services

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Insurtech C-Quence hires from Chubb and AIG to grow commercial lines

C-Quence, a new insurtech managing general agent (MGA) with a commercial insurance trading and underwriting platform, has strengthened its …

C-Quence, a new insurtech managing general agent (MGA) with a commercial insurance trading and underwriting platform, has strengthened its underwriting team with senior hires from Chubb and AIG.

Michelle Noonan was previously a financial lines specialist at Chubb Insurance where she ran a centralised team of new business underwriters.

Kieran Brennan has 30 years of experience and technical expertise across the property, casualty and P&C combined lines in the UK and internationally with Chubb and AIG.

Both the executives will be based in C-Quence’s new Manchester office.

C-Quence recently launched its London operations, while also unveiling its management liability product ML5 and underwriting platform C-Q Elements.

The company secured underwriting capacity from Arch Insurance Company (Europe) earlier in July 2018. It aims to become a leading digital MGA, transforming and enhancing commercial broking experiences using technology and data.

Jacqueline McNamee, CEO of C-Quence, said: “I am delighted to welcome Michelle and Kieran to the team. Their experience and expertise strengthens our development capability and improves brokers’ access to our underwriters.

“Opening the office in Manchester sends a strong message of our commitment to serving commercial lines brokers across the country and is further evidence of our ambition to transform mid-market commercial insurance provision.

“Michelle and Kieran will work closely with John McClelland in Manchester. Kieran will support the development of our Property and Casualty proposition which we plan to deliver this year.”

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[Report] Future of Life Insurance Industry: Insurtech & Trends in 2018

A small, but growing pocket of insurtech startups are shaking up the status quo by finding ways to digitize life insurance and increase its appeal.
  • Life insurance is fundamentally hard to sell; it’s morbid to think about, promises no immediate rewards, and often requires a lengthy paper application with minimal guidance.
  • Despite the popularity of personalized products in other areas of finance and fintech, life insurance largely remains unchanged.
  • A small, but growing pocket of insurtech startups are shaking up the status quo by finding ways to digitize life insurance and increase its appeal.

Life insurance is a fundamentally difficult product to sell; it requires people to think about their deaths without promising any immediate returns.

Life Insurance GraphicBII

And, despite tech innovations and the development of personalized services in other areas of finance, life insurance remains largely unchanged.

Luckily, there is a small but growing pocket of insurtech startups looking to modernize it. These companies are finding ways to digitize life insurance to appeal to consumers – and they’re giving incumbents the opportunity to revamp traditional offerings, either by partnering with them or using their technology.

Business Insider Intelligence, Business Insider’s premium research service, has forecasted the shifting landscape of life insurance in the The Future of Life Insurance report. Here are the key problems insurtechs are tackling:

  • Lack of education: Forty percent of US consumers told the Life Insurance and Market Research Association (LIMRA) that they feel intimidated by the life insurance application process, often drastically overestimating its cost and facing uncertainty about how much or which type of coverage to buy.
  • Inconvenient application process: It can take weeks or months for coverage to take effect because of the sheer number of meetings and parties combing through paperwork in each round of the application process. The risk for the insurer often warrants reviews from the carrier, a team of underwriters, a broker, and even a medical examiner.
  • Low customer loyalty: Life insurance tends to be a “set it and forget it” type of purchase, with very few people revisiting it after buying. Insurers and consumers therefore have limited contact for most of the relationship – with the exception of an annual bill, of course.
  • Inefficient data management and processing: The aggregate data life insurers rely on is typically fed into algorithms that make broad assumptions about particular populations, and often incorporate outdated medical documentation – all of which can delay applications and result in unnecessary rejections.

Want to learn more?

The need for modernization in life insurance is clear: Overall sales are slowing and policy ownership is hitting record lows. And because it’s such a tightly-regulated space, innovation from incumbents has stagnated – but they’re not helpless. Consumer-focused and insurer-focused startups have emerged to offer new technologies and process improvements.

The Future of Life Insurance report from Business Insider Intelligence looks at the two main strategies life insurtechs are adopting to drive change in this market, for the benefit of both buyers and sellers. In full, the report discusses best practices incumbents and startups should adopt to steer clear of the risks attached to applying emerging technologies to such a tightly regulated product.

Insurtech startups will soon set new industry standards and consumer expectations around this complex product. That, in turn will serve as a catalyst for innovation among legacy players.

Companies included in this report: Ladder, Haven Life, Getsurance, Tomorrow, Fabric, Atidot, AllLife, Royal London, Polly, Life.io, Legal & General, Vitality, Discovery, John Hancock, Dai-ichi Life.

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​Exclusive: Jacqueline McNamee’s insurtech MGA strengthens underwriting team amid expansion

Insurtech MGA C-Quence, founded by ex-AIG boss Jacqueline McNamee, is strengthening its underwriting team amid its expansion. The firm will open …

Insurtech MGA C-Quence, founded by ex-AIG boss Jacqueline McNamee, is strengthening its underwriting team amid its expansion.

The firm will open a new office in Manchester.

It will employ two new staff members in its underwriting team – Michelle Noonan and Kieran Brennan who will both be based at the new office.

The news follows C-Quence going live with its underwriting platform last month.

Growth

In Manchester, Noonan and Brennan will work closely with John McClelland, who has commercial underwriting responsibility and manages broker relationships. He was one of the original staff team.

Brennan has 30 years of experience and technical expertise across property and casualty and combined P&C lines in the UK and internationally with Chubb and AIG.

He will support the development of the firm’s property and casualty proposition which it plans to deliver later this year.

Noonan was previously a financial lines specialist at Chubb where she ran a team of new business underwriters.

McNamee, chief executive C-Quence said that Noonan and Brennan’s “experience and expertise strengthens our development capability and improves brokers’ access to our underwriters”.

jackie mcnamee

Jaqueline McNamee, chief exec at C-Quence

“Opening the office in Manchester sends a strong message of our commitment to serving commercial lines brokers across the country and is further evidence of our ambition to transform mid-market commercial insurance provision,” she added.

The insurtech MGA said it is committed to transforming the broking experience.

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​Exclusive: Jaqueline McNamee’s insurtech MGA strengthens underwriting team amid expansion

Insurtech MGA C-Quence, founded by ex-AIG boss Jaqueline McNamee, is strengthening its underwriting team amid its expansion. The firm will open …

Insurtech MGA C-Quence, founded by ex-AIG boss Jacqueline McNamee, is strengthening its underwriting team amid its expansion.

The firm will open a new office in Manchester.

It will employ two new staff members in its underwriting team – Michelle Noonan and Kieran Brennan who will both be based at the new office.

The news follows C-Quence going live with its underwriting platform last month.

Growth

In Manchester, Noonan and Brennan will work closely with John McClelland, who has commercial underwriting responsibility and manages broker relationships. He was one of the original staff team.

Brennan has 30 years of experience and technical expertise across property and casualty and combined P&C lines in the UK and internationally with Chubb and AIG.

He will support the development of the firm’s property and casualty proposition which it plans to deliver later this year.

Noonan was previously a financial lines specialist at Chubb where she ran a team of new business underwriters.

McNamee, chief executive C-Quence said that Noonan and Brennan’s “experience and expertise strengthens our development capability and improves brokers’ access to our underwriters”.

jackie mcnamee

Jaqueline McNamee, chief exec at C-Quence

“Opening the office in Manchester sends a strong message of our commitment to serving commercial lines brokers across the country and is further evidence of our ambition to transform mid-market commercial insurance provision,” she added.

The insurtech MGA said it is committed to transforming the broking experience.

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