The insurtech has launched the proposition on its newly developed cloud-based platform
Insurtech Azur has launched a proposition called Smart Home to help brokers compete with direct insurers.
It claims the warranty-free product will help support its broker partners by making processes more efficient.
It does this by giving clients blanket building cover, unlimited contents and global all-risks cover. It also tackles emerging risks with the addition of personal cyber cover.
It is the “first of many” to be launched on the Azur Hub – the insurtech’s newly developed cloud-based technology platform which is being rolled-out alongside this.
Kate Wells, managing director at Azur, which has backing from both AIG and Hyperion, told Insurance Times: “We believe that the role of a broker as a trusted risk transfer advisor is unquestioned, so Azur has set out to help its brokers counter the threat of disruption from direct-to-consumer players by providing them with a modern, digitally enabled and highly personalised product.”
It follows the insurtech embarking on a leak detection partnership with a German manufacturer last year in November.
The Azur Hub claims to be the first technology solution for the firm’s broker community.
It was built to automate quoting and policy issuance, aiming to significantly improve the user experience.
“It allows brokers to completely self-serve with the help of what we like to call ‘augmented underwriting’.
“We have reduced question sets to a minimum for sophisticated and complex products, vastly improving the user experience of both the broker and end-insured customer. Rather than wasting time trudging through an entire form, brokers will be told immediately if a risk will be declined as they go through,” she explained.
It leverages openly available third-party data to reduce the number of questions that brokers have to ask their clients.
This means that brokers can typically quote and bind in less than two minutes.
Wells added that Smart Home and Azur Hub will help brokers grow their businesses but also improve efficiency in their teams.
Azur is a London-based Managing Digital Agent (MDA) – new category of company that combines the traditional distribution and underwriting skills of an MGA with the technology capabilities of an insurtech.
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