Bermuda-based re/insurer Ascot and specialty insurer Beazley have come together to launch a Lloyd’s based cargo consortium that uses insurtech solutions to help manage risk and claims performance.
Led by Ascot and Beazley, the A2B consortium brings together a range of cargo carriers that will provide a maximum of $50 million capacity.
It is aimed at SME cargo business, which has traditionally faced high associated expenses due to the nature of the subscription market. The companies said this launch will allow brokers to provide their clients with quality underwriting and claims management in a cost efficient way, while further cementing the competitive position Lloyd’s holds in the global cargo market.
Insureds will have the option of using electronic cargo monitoring devices developed by Denver-based insurtech firm Parsyl. The devices can monitor cargo accumulation and collect data, which can assist in risk management and claims. The use of these devices will help both the consortium carriers and provide data feeds to insureds. Parsyl is a graduate of the Lloyd’s Lab program, designed to help embed technology start-ups in an insurance environment.
“This consortium shows how Syndicates can come together in a subscription market to provide coverage in a cost efficient way for smaller premium business,” said Andrew Brooks, Group CEO of Ascot. “Recent years have been difficult overall for the Cargo market but this initiative will be transformative for insureds, their brokers and Lloyd’s carriers.”
Tim Turner, group head of marine at Beazley, said: “The London insurance market’s origins are in marine and over the years it has adapted to the changing needs of the sector. This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers.”
Trevor Maynard, head of innovation at Lloyd’s, added: “This is precisely what the Lloyd’s Lab has been set up to do. I’m thrilled to see our syndicates utilising the lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers. The fact that the lab can attract such high calibre tech talent and ideas from around the world just goes to show that Lloyd’s continues to lead the way on insurance innovation.”
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