Bermuda-based re/insurance firm Ascot in collaboration with specialty insurer Beazley has introduced a cargo consortium that uses insurtech solutions to help manage risk and claims performance.
Based on Lloyd’s platform, the A2B consortium brings together various cargo carriers that will offer a maximum of $50m capacity to SME cargo business that has faced high expenses due to the nature of the subscription market.
Led by Ascot and Beazley, the new consortium will enable brokers to provide their clients with underwriting and claims management in a cost efficient way.
The consortium will allow insureds to use electronic cargo monitoring devices for cargo accumulation and data collection that will be helpful in risk management and claims. The device has been developed by Denver-based insurtech firm Parsyl.
Ascot group CEO Ascot Andrew Brooks said: “This consortium shows how Syndicates can come together in a subscription market to provide coverage in a cost efficient way for smaller premium business.
“Recent years have been difficult overall for the Cargo market but this initiative will be transformative for insureds, their brokers and Lloyd’s carriers.”
Beazley group head of marine Tim Turner said: “The London insurance market’s origins are in marine and over the years it has adapted to the changing needs of the sector.
“This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers.”
Lloyd’s head of innovation Trevor Maynard said: “This is precisely what the Lloyd’s Lab has been set up to do. I’m thrilled to see our Syndicates utilising the Lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers.
“The fact that the Lab can attract such high calibre tech talent and ideas from around the world just goes to show that Lloyd’s continues to lead the way on insurance innovation.”