Lloyd’s coverholder AIB looks to boost Caribbean growth strategy
Jamaica-based insurance broker Allied Insurance Brokers (AIB) has partnered with insurtech Novidea to implement its cloud-based, data-driven insurance management platform for managing general agents (MGAs) to help fuel the company’s growth across the Caribbean as a Lloyd’s Coverholder.
The platform will fully automate AIB’s end-to-end Coverholder processes from Jamaica to the London Market, while satisfying all data capture, exchange, processing, compliance, and reporting requirements, in an effort to increase efficiency and productivity for AIB, while lowering overheads and providing analytics and reporting.
AIB became an authorised Lloyd’s Coverholder in 2013. That part of the business recently rebranded to A+ Insurance Solutions and provides general liability, medical malpractice, and personal accident, including reinsurance coverage on behalf of Lloyd’s syndicates to clients in Jamaica, Antigua, Bahamas, Barbados, Grenada, St. Lucia, Turks and Caicos, and other territories within the Caribbean. They also provide solutions for directors & officers liability, professional indemnity, cyber insurance, and other classes of insurance that are not typically sold by local market insurers.
Camile Coore, technical manager at AIB, said: “We are excited about this new partnership and the efficiency and growth potential it will bring to A+ Insurance Solutions. The team will have access to prebuilt reporting and insurance analytics tools that will enhance the visibility of our business and customers.
“Additionally, we will be able to focus on value-added tasks instead of utilising a significant portion of our time in cumbersome manual processes, such as data verification and validation.”
Ben Potts, managing director, UK, Novidea, said: “We’re delighted to be selected by AIB and look forward to working in partnership to implement our platform to support their London Market needs and global operations, and to streamline business processes.”
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