A newly launched managing general agent (MGA) aims to use artificial intelligence (AI) and digital underwriting to support the smart-follow segment of the London insurance market.
Augmented UW Ltd. was founded by Daniel Prince (pictured above), former chief executive of Rethink Underwriting and a longstanding figure in the London insurance market. Prince will serve as CEO of Augmented.
The MGA plans to deploy algorithmic underwriting tools to streamline decision-making between brokers and carriers, targeting efficiency gains in the follow market. Smart-follow strategies involve capacity providers following lead underwriters using automated rules or models, rather than manual underwriting decisions.
As part of its launch, Augmented has partnered with Artificial Labs, an insurtech provider specialising in digital underwriting and placement solutions. Artificial will supply the core platform and software tools supporting Augmented’s market entry.
The MGA plans to bind its first risk in the final quarter of 2025, starting with property and terrorism lines, and intends to expand its underwriting portfolio in 2026.
Augmented’s focus on enhanced underwriting aligns with wider market trends highlighted by the Lloyd’s Market Association, which has identified enhanced underwriting as a key priority over the next five to ten years. The market body has pointed to a need for improved risk selection, data-driven decision-making and operational efficiency.
“The London Market is not broken,” Prince explained. “t needs a steady hand to implement new technologies, such as AI, to enhance the way insurance operates. Efficiency and accuracy can replace manual process and human error. Brokers and carriers will, as a consequence, have a much smoother experience when doing business in the London insurance market.”
The use of AI in underwriting is also expanding into risk protection areas beyond efficiency. For instance, earlier in the year, Chaucer partnered with Armilla AI to launch an insurance product designed to address risks related to artificial intelligence itself. The cover offers protection for losses arising from model drift, hallucinations, or other failures in AI performance.
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