Pikl launches new MGA for sharing economy insurance solutions
Sharing economy insurance specialist Pikl has launched a new MGA in partnership with First Underwriting, Accredited Insurance, and the Claims Consortium Group.
Pikl will work with First Underwriting to develop and refine a range of new and existing solutions for the sharing economy. The partnership will complement the company's existing partnership with Hiscox.
It has been set up to provide Pikl with flexible underwriting capacity for a range of property and vehicle products, and enhance the product development approach.
The A rated capacity will be provided by Accredited Insurance (Europe), a subsidiary of Randall & Quilter Holdings (R&Q) with operations based in London, Malta and the US.
Claims Management will be handled by the Claims Consortium Group, a specialist in flexible and bespoke claims software solutions.
In 2019, Pikl raised £2.5 million in funding which included an investment from Direct Line founder and chairman of esure Group and GoCo Group, Sir Peter Wood.
Louise Birritteri, CEO and founder of Pikl, said: “I am delighted that we have launched the MGA and partnership with a group of credible and respected operators in the insurance sector. Both the teams at Pikl and First Underwriting have a great deal of insurance expertise and our collective skill sets will provide a powerful combination as we continue to scale. As we enter the next stage of our journey it was incredibly important for us to find the right partners who could work flexibly and at pace.”
“Our ambition is to be the market leader for Sharing Economy insurance products in both the property and vehicle lines," Birritteri added. "Our learnings from working in the property sharing market over the past three years has prepared us well to enter the vehicle sharing sector later this year. Thanks to the teams in both companies, this partnership will give us the complete flexibility we need to continue to be first to market with bespoke propositions for emerging markets.”
Mark Bacon, managing director of First Underwriting, said: “We’re delighted to be partnering with Pikl who are developing innovative insurance products to cater for the growing and specialist needs of the sharing economy. It’s certainly a very exciting part of the insurance market that presents new and interesting challenges for insurers. Working with Pikl means that we have a partner that genuinely understands its chosen markets and will be well positioned to make the most of the opportunities it will present.”
Jeremy Hyams, CEO and founder of Claims Consortium, added: “We are pleased to be working with Pikl and First Underwriting through our TPA offering, combining our collective expertise to deliver bespoke and specialist products to the market and the customer. We believe the future of claims is using innovative technologies to offer flexible solutions that suit the lifestyle of the modern customer and partnerships like this facilitate that."
