ILC ARTICLE

PIKL ANNOUNCES LAUNCH OF NEW MGA

14th July 2020

Sharing economy insurance specialist Pikl has launched a new MGA in partnership with First Underwriting and Accredited Insurance.

The partnership has been set up to provide Pikl with flexible underwriting capacity for a range of property and vehicle products and will allow Pikl to operate a nimble product development approach allowing products to potentially be brought to market in weeks.

The “A” rated capacity will be provided by Accredited Insurance (Europe) limited, who have operations based in London, Malta and US.  They are a subsidiary of Randall & Quilter Holdings (R&Q). This capacity will be accessed through Accredited’ s relationship with First Underwriting.

Pikl will work closely with First Underwriting to develop and refine a range of new and existing solutions for the sharing economy, leveraging the expertise of the respective teams. This partnership will complement the existing partnership Pikl announced last year with Hiscox.

Louise Birritteri, CEO and Founder of Pikl said, “I am delighted that we have launched the MGA and partnership with two really credible and respected operators in the insurance sector. Both the teams at Pikl an First Underwriting have a great deal of insurance expertise and our collective skill sets will provide a powerful combination as we continue to scale. As we enter the next stage of our journey it was incredibly important to us to find the right partners who could work flexibly and at pace.”

“Our ambition is to be the market leader for Sharing Economy insurance products in both the property and vehicle lines. Our learnings from working in the property sharing market over the past three years has prepared us well to enter the vehicle sharing sector later this year. Thanks to the teams in both companies, this partnership will give us complete flexibility we need to enable us to continue to be first to market with bespoke propositions for emerging markets.”

Mark Bacon, Managing Director of First Underwriting said, “We’re delighted to be partnering with Pikl who are developing innovative insurance products to cater for the growing and specialist needs of the sharing economy. It’s certainly a very exciting part of the insurance market that presents new and interesting challenges for insurers. Working with Pikl means that we have a partner that genuinely understands its chosen markets and will be well positioned to make the most of the opportunities it will present.”

 Pikl will also be partnering with Claim Consortium Group for claims management and claims workflow technologies. Claims Consortium are known for their flexible and bespoke claims software solutions and this partnership will launch with the Group’s custom ENOL solution.

Jeremy Hyams, CEO and Founder of Claims Consortium said, “We are pleased to be partnering with Pikl and First Underwriting through our TPA offering, combining our collective expertise to deliver bespoke and specialist products to the market and the customer. We believe the future of claims is using innovative technologies to offer flexible solutions that suit the lifestyle of the modern customer and partnerships like this facilitate that.’

Last year, Pikl raised £2.5m in funding which included an investment from Direct Line founder and Chairman of esure Group and GoCo Group, Sir Peter Wood.