Axis Capital, AllDigital Partner for New Insurance Platform
AXIS Capital Holdings Limited’s AXS specialty insurance business segment, AXIS Insurance has joined forces with MGA AllDigital Specialty in a bid to introduce an insurance platform to address the needs of the U.S. small private company management liability market.
AllDigital Specialty is a startup Insurtech company that allows brokers, insurance companies, and claims administrators to uniformly transact small commercial insurance underwriting and claims handling. It provides both Managing General Agent (MGA) and technology as a service solution for their clients.
In the United States, there are 5.8 million small companies with less than 100 employees and only 30% of these businesses have taken the steps to acquire management liability insurance. The current insurance buying process for these companies is burdensome and poorly serviced.
AllDigital Specialty recognizes this market opportunity and inefficient procurement process. It caters to brokers and insurance clients with a low-touch solution to acquire this important insurance for small businesses, providing a bindable quote in a short time. The AllDigital ecosystem has been designed in way that it can be expanded to other products in the management liability market.
Management liability insurance covers exposures faced by directors, officers, managers, and business entities that arise from governance, finance, benefits, and management activities. It is a combination of coverages that protects them against legal liabilities and statutory obligations.
With this new collaboration with AllDigital, AXIS Insurance will provide insurance protection to many small businesses that need it to operate in the current growing complex business environment.
The specialty commercial insurance business of AllDigital will provide AXIS Insurance more opportunities. The no-touch solution for wholesaler brokers will enable AXIS Insurance to expand productive distribution partnerships, while focusing on current complex risks business.
Shares of this Zacks Rank #4 (Sell) company have lost 23.5% year to date, compared with the industry’s decline of 8.5%.
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