OnRisk and AFL Insurance Brokers Form Insurtech Partnership
AFL Insurance Brokers (AFL) and OnRisk, the US-based insurtech startup, have formed a strategic partnership to advance new technology for structuring and placing high value property & casualty (P&C) risk. Under the partnership, AFL Insurance Brokers will become an early adopter of the OnRisk structuring platform, which delivers a CAD-style, graphical software toolset enabling risk professionals to visualize and interact intuitively with each complex risk to facilitate the placement process and improve buyer outcomes. The high-value risk space comprises more than USD 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 CEO Frank Sweeney commented on the strategic partnership: “We are delighted to have the opportunity to work with a true London Market innovator such as AFL. 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.”
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.“
OnRisk and AFL will be working on a number of advanced placement platform extensions that will model the transaction types most commonly used by brokers to shard high-value risk. These include inward/ outward coverages; follow-form placements; facilities and pools; master and local coverages; inuring/benefiting coverages; bundled coverages; terms & conditions; inner aggregates; time-based coverages; claim development and coverage erosion; and CAT modeling APIs. Sweeney added, “Our modeling and prototyping starts with established risk sharding methods, but we are hopeful our clients can adapt our structuring tools to explore new forms of risk transfer.”
OnRisk is a US-based insurtech startup that provides a digital platform for structuring high-value property & casualty (P&C) risk. OnRisk’s cloud platform delivers a CAD-style, graphical, interactive toolkit designed to provide corporate risk managers, carrier ceded reinsurance specialists and their brokers with an intuitive, user-friendly view of these complex risks. Visit www.onrisk.com to learn more about OnRisk.
