SiriusPoint invests in smart car revolution with MGA
SiriusPoint Ltd, the global specialty re/insurer headquartered in Bermuda, announced that it is involved in the autonomous vehicle technology through a strategic partnership with the insurtech managing general agent Avinew.
Avinew, which was set up in 2016, is an underwriting platform that can directly underwrite and appropriately price for semi-autonomous and autonomous motor usage.
The insurance product covers AI-enabled vehicles and is looking to plug the knowledge gap in the market caused by a lack of ability to understand and track autonomous automobile usage, SiriusPoint said.
Darryl Siry, chief technology officer at SiriusPoint, said: “Avinew has the potential to be a disruptive force in the automotive insurance market and, for us, represents meaningful strategic value.
“The autonomous revolution has already begun as one in three new cars sold will soon have level two plus autonomous driving capability which amounts to over six million vehicles in the US market by 2024. We are delighted to be part of that revolution through our partnership with Avinew.”
SiriusPoint, through its insurance and services division, has strategic partnerships with more than 30 MGAs and technology-enabled insurance services companies.
The company said it would offer fronting services, reinsurance, and strategic advice to Avinew, and the investment would allow Avinew to grow its product offering and develop its technology to gain market share.
Josh Curry, head of North America distribution, SiriusPoint, said: “Avinew understands the need for co-operation between insurers and the original equipment manufacturers.
“Avinew is embedding the insurance underwriting, pricing, and overall insurance customer experience directly with the OEMs. This collaboration allows for an insurance programme that is seamless at digital point-of-sale and directly tailored to the specifics of the manufactured vehicle, its safety features, target market demographics and the parts and repair journey.”
Avinew has built a deep and experienced executive team with roots in insurance, technology, and starting companies.
“SiriusPoint for us offers more than just investment – it gives us expertise in insurance and technology, experience and knowledge,” said Dan Peate, founder and chief executive officer of Avinew.
“This is an exceptional opportunity for us to grow and flourish and allow Avinew to become the preferred partner in this space – giving better, seamless customer experiences and the right coverage for AI-enabled vehicles.”
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