Applied Underwriters has launched Innovation Risk, a new managing general agent (MGA) platform focused on casualty, accident and life underwriting.
The platform will use proprietary technologies and methods developed by the company over the past 30 years.
The new venture combines traditional insurance practices with data-driven underwriting tools, including predictive analytics and recent research in biotechnology and telephony data. Initial operations are planned for the United States and the European Union.
“Innovation Risk's focus and competitive advantage lies in its ability to measure risk, and in this way, its value proposition rests squarely on traditional insurance practices,” said Steve Menzies, chairman of Applied Underwriters. “We fully expect Innovation Risk to quickly become the leader in proprietary insurance underwriting.”
Menzies also referenced the company’s broader strategy, including the earlier launch of United Risk.
“The establishment of United Risk a few years ago… and now the establishment of Innovation Risk, underscore the position our greater organization enjoys as the fast-moving, go-to for corporate development and M&A in underwriting and distribution,” he said.
Menzies added that private ownership allows the firm to take a flexible approach to business. “We have the winning formula for powerful, autonomous decision-making across our organization, bound together by an ethic of hard work and achievement,” Menzies said. “Innovation Risk has a mission to cultivate the independent growth of each of its MGAs and MGUs according to each business’ own appropriate course.”
Applied Underwriters has been making a number of expansion efforts in recent times. In 2024, the company announced plans to expand its footprint in the space sector, citing geopolitical developments and technological changes, particularly those associated with advancements led by Elon Musk.
The company then said it is targeting more flexible and customized insurance solutions for technologies such as small satellites and missions to the Moon and Mars.
