AFL Insurance Brokers spearheads innovation through dedicated unit for supporting and accelerating Insurtech and general tech start-ups.
London, 27th November, 2017: AFL Insurance Brokers Ltd (AFL) today announces that (re)insurance broker George Stagg has joined the team to lead its ground-breaking Incubator division as Associate Director, Innovation.
Stagg joins from RK Harrison, where he was most recently a terrorism political violence and war broker. Adept at taking the initiative, Stagg has experience in developing and launching new products, and proactively participates in various London market innovation groups.
The AFL Incubator actively supports and accelerates Insurtech and general technology start-ups. It works in two complementary ways – firstly by providing innovative new Insurtech businesses with a launch platform and access to expertise and insights, market intelligence, regulation and governance, business development, and marketing and brand-building.
Insurtech companies already benefiting from the AFL Incubator include phone insurance trailblazer So-Sure and flight interruption insurance specialist Blink.
The second part of the AFL Incubator offering sees the company working closely with technology start-ups outside of the Insurtech sphere, developing bespoke insurance products to help them launch and grow their businesses. This includes companies in the sharing economy and on-demand sectors, such as short-term letting specialist Under The Doormat, and on-demand healthcare pioneer Qure.
AFL CEO Bob Finch said, “Without the insurance building blocks in their business, many tech start-ups exploring innovative new models wouldn’t be able to take those first steps. Being the partner of choice for these companies is fundamental to AFL – we are committed to supporting entrepreneurs and innovators, and, wherever possible, integrating new processes into our own business.
“We are now seeing a steady stream of Insurtech and general technology enquiries looking to work with us. Businesses and initiatives selected for acceleration in the AFL Incubator will also be offered flexible work space alongside our dynamic team.”
AFL Chairman Toby Esser commented: “His proactive involvement in the AFL Incubator will provide George with every opportunity to utilise his skill set in a forward-thinking and highly dynamic role. From electronic processing across product classes to insuring new risks, we are absolutely committed to driving change in the (re)insurance industry. We lead by example and support the latest and best ideas that will disrupt the traditional business model in favour of more agile, proactive ways of working.”
George Stagg added, “The industry as we know it is set to fundamentally change. The AFL Incubator is ahead of the curve and is attracting cutting-edge ideas, and I look forward to working with the AFL team and our technology partners to expedite successful development and launch of new concepts.”
Notes to Editors
AFL Insurance Brokers (AFL) is a privately-owned Lloyd’s broker founded in 2008 that has emerged as an independent centre of excellence for international (re)insurance.
AFL has offices in London and Manchester and is also part of the Worldwide Broker Network (WBN) which has become the world’s largest organisation of privately held insurance brokers, controlling premiums in excess of US$50 billion.
The WBN was founded in 1989 by AFL Non-Executive Director Alec Finch, and has grown into world’s largest fully integrated network of independent Insurance Brokers. With members in over 100 countries employing more than 30,000 people, WBN is a significant global force and AFL’s shared ownership allows it to offer a truly international service.
AFL’s wholesale practice is founded on cross class product expertise and deep sector understanding across the market. The company designs and implements Binders and Facilities for clients ranging from large public entities, associations and affinity groups to insurance brokers, and is also an Alternative Risk Transfer specialist, bringing thought leadership to emerging risks and risk transfer innovation.
On the Corporate side, AFL is highly experienced in understanding the unique risk profiles of start-ups, small business, LSE 100 and Fortune 500 companies, and implementing risk mitigation and transfer programmes.
AFL’s Private Client & Superyacht division delivers quality cover, adapts and responds to the particular circumstances and lifestyles of high net worth clients.
Lastly, the company’s innovative AFL Incubator division actively supports Insurtech start-ups. The company has private, corporate and institutional funding available for start-ups as well as over 150 (re)insurance carrier partners to provide Insurtech entrepreneurs with funding, expertise and insights.
Helen Wright, Lysander PR
07842 729 579
Roddy Langley, Lysander PR
07740 633 296