Arch Insurance International today announced its investment in Archipelago Risk Services Limited(Archipelago), a personal lines managing general agency backed with underwriting capacity from Arch Insurance (UK) Limited (formerly Arch Insurance Company (Europe) Limited). Archipelago, which will underwrite only intermediated business, leverages a new business model combining the latest technology and primary data sources with a flexible multi-cover policy and dynamic pricing options.
Archipelago is a new insurtech personal lines insurer founded by former Aon executives Angus Simpson, who will serve as CEO, and Richard Coleman. Archipelago will distribute its products in the UK covering home, motor, travel, pet and residential investment property through wealth managers and selected specialised personal lines brokers.
The Archipelago platform is a trading system developed to transform the business of personal lines by helping distribution partners grow and manage their client accounts by automating much of the customer journey and reducing the burden and cost of administration and compliance. It also enhances customer service by minimising policy application question sets and providing clients the option of digitising their claims process.
Hugh Sturgess, CEO of Arch Insurance International said, “Our investment in Archipelago allows us to offer an innovative and differentiated way to serve mid to high-net-worth individuals in the UK. Archipelago is the newest part of our overall UK growth strategy.”
Mr. Simpson commented, “We founded Archipelago from our desire to improve personal lines for everyone involved. In creating our new platform, we re-examined every part of the business model and, crucially, the service to our distribution partners and their clients.”