Whenever an insurance executive is asked for ways to grow the business, or reduce costs, "technology" is often the default answer. The winner of the Insurtech innovation award is a solution that answers both questions for the traditionally technology-phobic Lloyd's and London syndicated markets.

InsurX Smart Lead serves underwriters and brokers by deploying algorithmic trading strategies to place simple risks. It enables lead underwriters to offer greater capacity, and easily participate in risks which match their appetites. For brokers, it delivers capacity in one "call to the box".

InsurX initially broke into the contingency market and in December 2023, InsurX entered the direct and facultative property market. As of late 2024, nearly 30 brokers and 16 insurers participate as InsurX partners.

The firm says its solution appeals because its algorithm determines which risks fit a user's appetite. Similarly, InsurX says brokers prefer it to a consortium because they maintain their relationship with the underwriter, and can access unique markets via InsurX.

In addition, Smart Lead does away with a significant amount of reporting and monitoring work, as well as systems development, so the underwriter is left to get on with what they do best: risk selection and underwriting.

Lloyd's syndicate Atrium was the first "smart leader" to trade on InsurX. The firm was looking at ways to make themselves more relevant and useful to brokers, while also growing their account. They were reluctant to set up a quota share since they would have had to give away an existing slice of their profitable business. It would also have involved additional work administering such a facility.

Simon Clegg, head of property at Atrium, says InsurX "provides the infrastructure that has put algorithmic trading into action almost instantly at Atrium, but without any capital cost, development investment or risk on our part".

He adds: "It has turbocharged our existing appetite and positioning in the market, but we haven't changed what we write, or the underwriting knowledge and responsive service that we deliver."