Aurora, in collaboration with CodeEast, secured £495,704 to develop a bespoke, adaptable indirect loss insurance product

Goal

To develop the first SME-facing indirect losses insurance product, offering better support during periods of indirect loss for SMEs across the UK and beyond.

Challenge/Problem

Business insurance is designed to protect businesses against loss due to events outside the owner's control. Traditional insurance is only available when a business has been damaged directly, yet indirect losses can be huge. This can be catastrophic for SMEs, many of whom do not have the cash resources to remain operational in these circumstances. Traditional insurance focuses on indemnity for physical damage while newer forms of insurance, such as parametric insurance, need a specific loss trigger and can therefore only cover one single risk. 

Solution

Addressing the challenge, the project will develop a bespoke, adaptable indirect loss insurance product for SMEs. The project utilises the unique partnerships with Mastercard, Codat and AXA to create an algorithmic trading model to rapidly calculate a business' exposure and develop an automatically triggered claims process. Simultaneously, unique data insights will be used to estimate losses and prevent fraudulent claims. 

Introduction to Aurora

Aurora is a disrupter within the online insurance space, with a mission to simplify insurance provision through a transparent, modular service which is dynamic and intelligible for both providers and clients. This unlocks simpler insurance processes for insurers, and better more appropriate cover for clients.

Introduction to CodeEast: CodeEast specialise in the digital transformation of commercial insurance companies. Their own support platform ONEView, integrates and automates Commercial Insurance product administration, distribution and sales, enabling and capitalising on Aurora's innovation.

Result

The collaboration between the partners and Grant Up proved to be a resounding success, securing the crucial £495,704 grant funding required to advance the project. This financial support has enabled Aurora to make significant strides in the development and implementation of their unique product, meeting global demand for a product that protects cashflow impacts; an economy changing opportunity.