Ascot and Beazley have partnered together to launch a Lloyd’s based cargo consortium that uses insurtech solutions to help manage risk and claims performance.
The A2B consortium, which aims to further cement Lloyd’s position in the global cargo market, brings together a range of cargo carriers that will provide a maximum of $50mn capacity.
It is targeted at SME cargo business, which has traditionally faced high associated expenses due to the nature of the subscription market.
The companies said this launch will allow brokers to provide their clients with quality underwriting and claims management in a cost efficient way.
Insureds will have the option of using electronic devices developed by insurtech firm Parsyl (a Denver-based company and a graduate of the Lloyd’s lab program), which monitor cargo accumulation and collect data that can be used to assist risk management and claims.
Andrew Brooks, Group CEO of 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 at 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.”
Head of innovation at Lloyd’s, Trevor Maynard, 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.”