Transforming Insurance with Aurora's Algorithmic Trading Innovation (TIAATI)

点击翻译按钮获取中文摘要

Company: Niander Aurora Limited (Aurora): Aurora have developed an initial digital and have a highly experienced team with extensive industry experience, supported by UK/global advisory board of top insurance providers.Aurora is a holistic, digital platform seeking to augment how commercial insurance is purchased and managed. Working with customers on a direct basis or via selected broking partners, we cater to micro, small and medium businesses.With Aurora, customers can get personalised, real-time quotations, compare insurance providers and transfer and mitigate risk in a uniquely tailor-made way. All while benefiting from analytics and data driven education and advice.Issue/demand: Aurora have been approached by the insurance industry and SMEs to resolve a continuing unmet/unresolved market need. Traditionally insurers sell off-the-shelf package products with coverages that a customer may not need, as well as coverages missing that they do need. This may be due to some insurers only offering types of covers or insurance within specific segments or may be an amalgamation of the cheapest insurance quote by cover. Also, it is acknowledged by insurers that these policies have evolved incrementally, resulting in very large, hard to read/inconsistent documents with conflicting wording and policy limits.Solution: To develop Aurora's Algorithmic Trading (AT-AURORA) - an innovative digital trading product to meet market need by delivering uniquely tailor personalised packages of insurance cover online in 15mins (instead of industry standard of 4/5 weeks) with each cover priced individually and amalgamated in real-time into an appropriate, single, coherent (understandable) insurance package. Project funding will be to design, develop and deliver an MVP consisting of three modules: a co-insurance mechanism, computable contracts proposition, and algorithmic trading/underwriting, each interoperable with Aurora's existing platform.