Ascot and Beazley are leading a new consortium known as ‘A2B’, aimed at SME cargo business. According to Ascot, the idea behind the launch is to enable brokers to provide a more cost effective approach to risk and claims management for their SME clients through the use of insurtech.
Insurtech devices, such as an electronic cargo monitoring, would be available to insureds. Such devices could, for example, gather data relating to cargo accumulation and feed back to insureds. They have already been developed by Parsyl, an insurtech firm spawned from the Lloyd’s Lab programme.
Tim Turner, Head of Marine at Beazley Group highlighted that the development of A2B was an illustration of London’s insurance market being able to adapt to the changing needs of the marine sector and commented that the “new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers" 1.
CEO of Ascot Group, Andrew Brooks, was equally enthusiastic about the new consortium and its impact for the future of the cargo market, calling it “transformative for insureds, their brokers and Lloyd’s carriers", adding that it showed “how Syndicates can come together in a subscription market to provide coverage in a cost efficient way for smaller premium business" 2.