Insurtech OnRisk forms strategic alliance with Lloyd's broker AFL
US-based insurtech startup OnRisk has formed a strategic partnership with independent Lloyd's broker AFL to develop new technology for structuring and placing property & casualty (P&C) risk.
Under the partnership, AFL will become an early adopter of the OnRisk structuring platform. The platform delivers a CAD-style, graphical software toolset, enabling risk professionals to visualize and interact with each risk to facilitate the placement process and improve buyer outcomes, according to the company.
The high-value risk space comprises more than $350 billion of premium, and spans the most challenging global risks, such as natural catastrophes, cyberthreats, terrorism, product liability, financial risk and other large exposures.
OnRisk and AFL will be working on a number of placement platform extensions that will model the transaction types most commonly used by brokers including inward/outward coverages; follow-form placements; facilities and pools as well as bundled coverages.
Frank Sweeney, CEO of OnRisk, commented: “I am confident our collaborative efforts will help demonstrate the efficacy of a disciplined, CAD-based approach to risk transfer, and enable a market shift from a reliance on manual processes to a more dynamic risk structuring environment.”
“Our modelling and prototyping starts with established risk sharing methods, but we are hopeful our clients can adapt our structuring tools to explore new forms of risk transfer,” Sweeney added.
James Poole, AFL’s director of specialty and head of AFL’s new Agile Risk Advisory (ARA) practice, said: “This platform is highly innovative and a really exciting step forward that will enable us to improve our presentation of risk transfer arrangements to our clients, to reinsurers and to ILS capital providers."
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