Aurora Launches Innovative Property Owners’ Insurance Product
Aurora, an algorithmic insurance platform, has introduced a new property owners’ insurance product designed to transform how brokers access and place property risks in the UK market. The product, backed by Lloyd’s, leverages Aurora’s digital platform and real-time data enrichment capabilities to provide coverage up to £3.5 million, with plans to increase capacity in the near future.
The new offering aims to address underinsurance among UK residential and commercial property owners by providing coverage for a broader range of tenant types, including those often excluded from standard property insurance products. This approach seeks to reduce the insurance gap in the market while giving UK brokers broader access to Lloyd’s capacity. According to Aurora, this will simplify the placement process, allowing brokers to focus more on managing client relationships.
Robyn Lockhart, Property Owners Lead at Aurora, emphasized that the new solution enhances placing efficiency, reduces administrative costs, and increases accessibility for brokers. “Our core mission has always been to leverage technology to simplify and enhance the insurance value chain, and this latest product is a clear testament to this vision,” Lockhart stated.
The launch follows Aurora’s recent strategic developments, including a 2024 partnership with AXA to launch a commercial combined insurance product for small and medium-sized enterprises. This product included property, business interruption, employer’s liability, and public liability cover, with limits up to £12.5 million for property and £10 million for public liability.
In October, Aurora secured seed funding from QBE Ventures, the investment arm of QBE Insurance Group, to support the development of its algorithmic trading capabilities and expand its product range. The investment will also facilitate new partnerships for commercial distribution, supporting Aurora’s ongoing expansion plans.
The company has also strengthened its leadership team with key appointments. In March, Lockhart was named Property Owners Lead, and Chris Champion was appointed as Senior Trading Underwriter, both bringing extensive experience from Covéa Insurance.
