AEGIS London has launched a digital trading division, heralding the move as the beginning of a new era for the Lloyd’s insurer.
Tom Squires, (pic) AEGIS London’s head of digital trading, will lead the division, and he said the decision to create a team dedicated to building and distributing digital products was inspired by the success of Opal, AEGIS London’s award-winning online quote-and-bind platform.
“Opal has been a tremendous boost for us,” he explained. “It’s grown our revenue and attracted a swathe of American and international business that wouldn’t otherwise have been cost effective for a Lloyd’s insurer.
“Opal has opened our eyes to the possibilities. That’s why we decided to create this new division to bring together underwriting and digital distribution. It allows us to really explore the opportunities presented by the digital channel and take commercial advantage of them.”
AEGIS said the digital division will work alongside its London’s underwriting teams to develop digital products and new ways of distributing them to the international market. While complex risks will continue to be underwritten at Lloyd’s, digital versions of suitable products will be made available to brokers and intermediaries in AEGIS London’s key markets including North America and Australasia.
Nigel Roberts Head of Distribution at AEGIS said: “This marks the start of a new era for us. We’ll be running digital and traditional distribution chains in parallel, both backed by the underwriting expertise with which AEGIS London is synonymous.”