Arrow Risk Management, a specialist managing general agency (MGA) underwriting platform that provides brokers and carriers with real-time data across the insurance lifecycle, has raised £2 million in funding.
The round was led by ACF Investors and a range of EIS investors. This investment will be used to fuel expansion plans and further develop its underwriting platform.
The insurance industry has traditionally been slow to adopt new technology. However, innovative businesses such as Arrow are driving positive change — leveraging data and technology to streamline operations and improve customer experience.
London-based Arrow’s platform provides an efficient and effective trading environment for its underwriters to operate within. It combines a number of system applications to facilitate the rapid production of quality underwriting and claims data, to achieve a fully optimised end-to-end insurance administration process.
This investment comes after a period of growth following Arrow’s launch in 2022. The business has secured Lloyds cover holder status and achieved dual regulation in the UK and EU.
Jon Godfray, CEO, said: “We are delighted to be working with a solid partner with the reputation and pedigree of ACF Investors. This capital will be used to drive our expansion plans and further develop our underwriting platform.”
Sam Fennell, Partner, ACF Investors: “Traditionally, underwriting has presented a huge challenge for both insurance companies and customers, due to a lack of efficiency in the process. Arrow Risk Management is addressing this critical gap in the insurance market.
“Its technology-driven approach has the potential to significantly improve both the underwriting process and the related transaction processing, we are excited to support their journey.”