Posted in News on 07 May 2019

The Sharing Economy world includes some of the largest conglomerates in the world as well as smaller companies, SME's and startups.

Given that it is an industry focused on innovation, insurance coverage in the sector needs to be intuitive, nimble and adaptable, particularly so for new entrants.

In the first instance these smaller companies look to protect their company and their reputation. This is really important in the early stages of growth, when gaining support and building a secure foundation of users is absolutely key.

Gallagher is partnering with Apollo Underwriting whose insurance product gives the sharing economy platform a credibility which not only assists with establishing an initial foundation in new industries but also will help the smaller company as it grows and prospers.

Together we are utilizing the 'IBoTT' strategy to put together bespoke wordings and claims handling solutions to navigate through necessary compliance procedures.IBoTT stands for 'Insuring businesses of tomorrow, today.' New companies in this space often have a number of immediate business concerns; for instance,

  • Who and what do they want to insure?
  • Are they buying a group or individual policy and what are the implications of each?
  • What territories are they in or do they want to be in?
  • To what extent are they able to market the Insurance product should they want to?
  • What do they need to put on their website?
  • What rating schemes and vetting procedures should they have in place?

Partnering with Apollo Underwriting allows us to offer coverage to Sharing Economy companies in their early stages of development, as well as to craft a multi-staged product where the coverage grows as the business grows.

Together we will clearly set out where we see a company now, and what it needs to do from a risk management perspective to be able to develop and grow within its industry, and in doing clients will benefit from our collective risk management knowledge.

You can learn more about our partnership and what value we can provide companies from a risk management framework and procedure perspective through the link below.

Introducing Andrew Tyrrell
Partner | Alesco Casualty


Andrew joined Alesco in February 2014 in order to take a lead role in growing and developing the North American Casualty book within the Global Casualty team in London. He has over 30 years' experience working in Lloyd's and the London market as both a broker and an underwriter. During this time his focus has been on business emanating from North America (both USA and Canada) and he has worked on all aspects of insurance placements including large facultative accounts, Programs & Binding Authorities, and Reinsurance. Andrew has been involved in the design and placement of programs for individual complex accounts and also affinity groups.

As a business producer and broker Andrew has travelled extensively throughout North America and has developed relationships at both the agency and client level in order to develop new business and foster existing relationships. Throughout his carrier Andrew has concentrated on Casualty business, including General Liability, Products Liability, Product Recall, Workers' Compensation and Excess Liability for all types of industries including Pharmaceutical Companies, Railroads and Heavy Product Manufacturers.

In addition, Andrew has a wealth of experience in the area of Professional Lines and has handled both facultative and program business for all lines of E&O (including A&E, Lawyers and Accountants), EPLI, SML, Cyber Liability, Libel & Slander, Medical Malpractice and the Long Term Care industry.

 
About Alesco
   
 
Alesco is a specialist insurance and risk management business located in the heart of the City of London. Founded in 2008 by a team of experienced professionals, we provide a wide range of risk-management services and insurance solutions which are fundamental for protecting organisations. We work closely with underwriters in the London markets, in key global insurance centres, and with local broking partners in 150 countries.

   

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