Insurers Ascot and Beazley have launched a Lloyd’s of London-based cargo consortium that uses insurtech solutions to help manage risk and claims performance.
Led by Ascot and Beazley, the A2B consortium brings together a range of cargo carriers that will provide a maximum of $50 million (£38.7 million) in capacity. The new consortium is aimed at small- and medium-sized entity cargo business, which has traditionally faced high associated expenses due to the nature of the subscription market.
This launch will allow brokers to provide their clients with quality underwriting and claims management in a cost-efficient way, according to Ascot and Beazley, further cementing the competitive position Lloyd’s holds in the global cargo market.
Insureds will have the option of using electronic cargo monitoring devices developed by Denver-based insurtech start-up Parsyl. The devices can monitor cargo accumulation and collect data, which can assist in risk management and claims.
The use of these devices will help both the consortium carriers and provide data feeds to insureds. Parsyl is a graduate of the Lloyd’s Lab programme, designed to help embed technology start-ups in an insurance environment.
Commenting, Andrew Brooks, Group CEO at Ascot, 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.”
Tim Turner, group head of marine, Beazley, 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.”
Trevor Maynard, head of innovation, at Lloyd’s, commented: “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.”