E-commerce insurance MGA secures regulatory support

OneAdvent has announced a partnership with last-mile shipping insurance MGA Anansi to provide regulatory, compliance and business oversight support as the startup scales its operations.

Founded to address loss and damage during the ”final mile” of delivery, Anansi claims to be the UK’s first regulated provider of this type of shipping insurance.

Its product targets the growing e-commerce delivery sector, which has seen expansion over the past decade.

Anansi founder Megan Bingham-Walker said the new relationship with OneAdvent would help the MGA expand its footprint among major retail clients.

‘We are thrilled to have made such a valuable partnership with OneAdvent,” she said.

“Its oversight and backing will enable us to scale up as we support some of the UK’s largest retailers.

”E-commerce and home delivery has grown exponentially in the last decade.

”We estimate that the current courier compensation, self-insurance model costs retailers between £500m and £1.5bn per year in the UK alone. We believe our offering will become an essential product to all retailers offering delivery services.”

‘Trusted partner’

The new partnership forms part of OneAdvent’s mission to help early-stage MGAs accelerate to market through tailored regulatory and operational support.

Tim Quayle, chief executive at OneAdvent, said Anansi had been able to leverage the platform to focus on refining its proposition.

”We know how important it is for early-stage MGAs to have a trusted partner who can deliver personal and collaborative support,” he said.

”Anansi have been able to leverage our expertise, allowing them to focus on building and strengthening their unique last-mile insurance proposition for the market.”

Anansi is also supported by UK-based A rated insurer Greenlight Re and holds a partnership agreement with Gallagher Re.