Agile Risk Partners, a managing general agency, has partnered with insurtech startup OnRisk have agreed to collaborate on the development of an advanced, CAD-style platform for underwriting, structuring and distributing high-value P&C risk.
Image:Agile Risk Partners partners with OnRisk. Photo: Courtesy of Markus Spiske/Unsplash.
Under a strategic insurtech partnership recently concluded by the parties, Agile will become an early adopter of OnRisk’s platform, and will contribute its deep underwriting and risk advisory expertise to ensure that OnRisk’s planned platform extensions are sufficient to meet Agile’s rigorous, day-to-day transactional requirements.
It is anticipated that 200 D&F property deals, including many requiring ILS capacity support, will be bound using the OnRisk platform during Agile’s first year of operation.
Agile Underwriting Director Richard Foster said: “To structure high-value deals in a fast-paced trading environment, we’ll need speed, precision and flexibility that exceed the capabilities of mud maps and spreadsheets. We look forward to the deployment of a CAD platform that can efficiently transact the most complex property risk transfers in the London market.”
OnRisk CEO Frank Sweeney said: “Agile and OnRisk share a belief that the high-value risk market has benefited greatly from capital innovation, but remains technology-constrained and lower priority for insurtech investment. This collaboration will enable us to inject advanced technology directly into core high-value risk structuring processes.”
Agile plans to commit resources to the next round of platform extensions that will convert the current, patented prototype platform into sophisticated CAD software capable of modeling the most intricate risk-sharing arrangements utilized by the global insurance industry. OnRisk designs will target the immediate operational priorities for Agile’s MGA and risk advisory businesses.
Agile managing director James Poole said: “We think these precise, visual structuring tools are potentially foundational for accelerating innovation in the high-value risk space. We are eager to push the technology envelope to the benefit of our buyers and capacity providers.”
Source: Company Press Release