Future disruption to the insurance industry as reinsurers, insurance underwriters, and insurance brokers pursue new business models has seen the creation of an all-new independently owned underwriting firm.
Ando Insurance Group which is a multi-line underwriting insurance agency opened for business today.
Some senior industry executives and subject matter experts are joining chief executive officer John Lyon in creating Ando as an underwriting agency.
The management team will hold the majority shareholding in the company, with a smaller shareholding held by Ando’s Australian underwriter, The Hollard Insurance Company Pty Ltd.
Hollard Australia chief executive Richard Enthoven says it had been seeking to enter the New Zealand market for some time, and believes it’s found the right partner in Ando.
Lyon says Ando is a solutions-based provider driven by technology and the best people.
“We are starting afresh without legacy technology and slow decision making, and because the business is lead by its owners, decision making is local and quick,” says Lyon.
“Our team can focus on what they’re good at – creating solutions for customers’ specific situations.”
Lyon says the insurance market will change rapidly over the next few years as reinsurers, insurers, and brokers all pursue new business models.
According to Lyon, a raft of changes including demographics, technology, data, regulation, and consumer behaviours is presenting a challenge and opportunity for the insurance sector.
He says Ando will be ideally positioned to take advantage of these market changes due to its flexible company structure.
