Managing General Agencies (MGAs) serve as a pivotal resource for insurers, streamlining their operations and offering a more economical alternative to running comprehensive in-house functions. These agencies bring forth specialized knowledge in distinct insurance markets, enabling insurers to tap into expert risk evaluation and innovative product offerings. Through MGAs, insurers gain entry to new market territories, courtesy of the agencies’ extensive networks of brokers and agents. Moreover, MGAs provide insurers with the agility to swiftly adapt to evolving market dynamics, ensuring a competitive edge in the fast-paced insurance landscape.
Arrow Risk Management, a specialist MGA underwriting platform, has announced the completion of a £2 million funding round. The investment, led by ACF Investors and a range of EIS investors, will fuel the company’s expansion plans and further enhance its innovative underwriting platform.
Disrupting the insurance industry
In an industry traditionally known for its slow adoption of technology, Arrow Risk Management stands out as a beacon of innovation. The company’s cloud-based insurance platform leverages real-time data to streamline and enhance the claims process, driving positive change in the insurance landscape.
Arrow Risk Management is a London-based MGA led by a team of highly experienced individuals with a proven track record of running profitable MGA platforms. The company’s technology, ‘Quiver,’ is built on fast, flexible, and accurate data utilisation principles, positioning it as a leader in leveraging technology to enhance insurance operations.
Efficiency and effectiveness
Arrow Risk Management’s platform provides an efficient and effective trading environment for underwriters, enabling the rapid production of quality underwriting and claims data. By combining various system applications, the platform achieves a fully optimised end-to-end insurance administration process, improving operational efficiency and customer experience.
Significant growth trajectory
This funding round comes on the heels of a period of significant growth for Arrow Risk Management since its launch in 2022. The company has secured Lloyds cover holder status and achieved dual regulation in the UK and EU, underscoring its commitment to compliance and excellence in service delivery.
CEO and investor perspectives
Jon Godfray, CEO of Arrow Risk Management expressed his excitement about the new partnership, “We are delighted to be working with a solid partner with the reputation and pedigree of ACF Investors. This capital will be used to drive our expansion plans and further develop our underwriting platform.”
Sam Fennell, Partner at ACF Investors, highlighted the critical role Arrow Risk Management plays in addressing inefficiencies in the underwriting process and expressed enthusiasm about supporting the company’s journey, “Traditionally, underwriting has presented a huge challenge for both insurance companies and customers, due to a lack of efficiency in the process. Arrow Risk Management is addressing this critical gap in the insurance market. Its technology-driven approach has the potential to significantly improve both the underwriting process and the related transaction processing; we are excited to support their journey.”
