The Ardonagh Group has launched a new insurtech business designed to connect data, distribution and capacity more intelligently across specialty insurance.
Called Axiiem, the insurtech is designed to bring greater speed, transparency and efficiency to the placement process – helping brokers, carriers and clients access and deploy capacity in a more connected and data-led way.
Developed using proprietary technology in-house over a number of years, the specialty business will build on the portfolio success with an initial focus on digital trading and capacity solutions for key distribution partners in selected markets.
Chief executive at Ardonagh Specialty, James Masterton, will lead the new insurtech business as executive chairman.
Commenting on the launch, Masterton said: “Axiiem has been built to solve a clear market need.
”We are creating a more dynamic way to connect data, distribution and capacity. That means greater immediacy for clients and brokers and a more efficient route to product and portfolio distribution for carriers.
”The opportunity is not just to digitise existing activity, but to improve how business flows through the market attracting shares of portfolios to London that historically remained in domestic markets.”
‘Natural next step’
Ardonagh Group chief executive David Ross said that the firm had made a “deliberate bet” seven years ago that, by “truly understanding” its premium “across a global portfolio”, it could build the capability to create “enhanced tools” for clients and markets.
Ross continued: ”Over the last two years we have embedded digital and portfolio placement into our thinking.
“What emerged from this investment is a series of digitally enabled facilities that are genuinely first of their kind, pioneering in their scope and the beginning of what we believe to be a very significant moment in our industry. Axiiem is a natural next step — a tech-enabled trading exchange, built on seven years of proprietary data and capability, that we’re now unleashing as a business in its own right. We are very proud to be able to bring the business to the market and allow it to drive change from within our portfolio and bring solutions to our customers.”
Masterton added: “This is the product of years of investment in data, trading infrastructure and specialist expertise.
“We have built Axiiem to be sophisticated, scalable and practical – a business that can help carriers respond faster, help brokers and clients access solutions more efficiently and create a stronger digital trading environment.”
