The Inspire Insurtech Interview’ series is designed to inspire fellow insurtechs. We want to share who they are, what they do, and what we can expect from them in the future.
Tell us Agile Underwriting Services’ brief pitch.
Agile is a niche insurance product manufacturer. As a Lloyds Coverholder and MGA, we combine traditional underwriting processes with digital distribution and product development.
We specialise in Accident & Health, Aviation, Casualty, Cyber & Drones, Financial Lines, Property and Retail Travel. We’re adding more lines over the next six to twelve months.
So how did Agile Underwriting Services begin?
The co-founders at Agile came together to scratch an itch. All of us had first-hand experience with frustrated customers who were square pegs being shoved through round holes by big insurers. We had also experienced the torturous process of developing niche products within these environments.
We wanted to solve this problem by creating an agency where we had the freedom to create niche products to service these customers.
Robin, Nick and Ben also knew that automation and digital distribution was the key to grow and scale the business. Data is at the centre of this approach and provides the foundation for managing our pricing loss ratios and developing trust with our capacity partners.
How has Agile Underwriting Services evolved since its inception?
We started with a single line of business, Aviation, and a veteran underwriter in Mike Dalton and expanded by adding each line of business. To begin with, these lines were siloed, but we now have enough binders in place to mix and match to develop bespoke products to target specific distribution opportunities.
Our platform has reached a tipping point from a technical and distribution point of view with hundreds of brokers using our platform each day.
What is your team currently working on for 2020, or what have you accomplished recently?
2020 has been a rollercoaster year, and we’re proud that we’ve continued to grow each team and each line of business throughout 2020 (with the exception of retail travel). When COVID hit in March, we had thousands of insured travellers overseas, and we’re proud to have serviced each and everyone in a personalised and efficient way.
Our product backlog is choc-full, and we’ll be releasing a suite of new small business focussed products over the next 3-6 months and expanding into new territories.
How does Agile Underwriting Services give back?
Agile has launched an incubator program to help innovative Insurtechs navigate the tricky path to launching a product. We’re already seeing some great successes with the launch of Hustle Cover, Audit Cover and the imminent launch of upcover.