QBE and Aurora unveil automated marine underwriting system

QBE, in partnership with Aurora, has introduced an algorithmic underwriting capability designed for complex specialty risks.

The system, developed in association with QBE Ventures, is now operational for British Marine’s Yacht Protection & Indemnity (P&I) product.

This approach allows for automated lead underwriting within QBE’s governance and operational framework.

The process automates several stages including applying underwriting rules, generating quote documents, issuing certificates, pricing and tax checks, receiving broker email submissions and validating data.

Every stage is tracked with a structured audit trail and offers real-time insights into the portfolio.

The implementation has reduced the time required for brokers to complete the underwriting process from days to under ten minutes.

Document generation now takes seconds instead of hours, and the platform enables immediate certificate issuance, a requirement for yacht port entry and departure.

The technology was jointly developed by teams across QBE’s business units and by Aurora, which supplied the algorithmic engine and operational model.

Aurora’s platform also supports referral workflows, a combination of delegated authority models, endorsement management, payment handling, policy administration and analytics.

Aurora’s new service model lets insurers roll out algorithmic underwriting products while maintaining their own brand and governance standards. The partnership follows Aurora’s seed investment from QBE Ventures in October 2024.

QBE Ventures CEO James Orchard said: “By working closely with Aurora, we have delivered a fully governed lead algorithmic underwriting capability that operates directly within QBE’s systems, controls and appetite – something the industry has not seen before.

“Launching with Yacht P&I is an important first step, and this approach positions QBE ahead of the market as digital trading and algorithmic underwriting continue to evolve.”

Aurora co-founder Bijal Patel said: “Over the last nine months, Aurora has worked closely with QBE Ventures to develop our Algo Underwriting-as-a-Service model, allowing insurers to adopt lead algorithmic underwriting today, not five years from now. Embedding this capability directly into QBE’s operations positions both organisations ahead of the market.”