Asterias

Cohort: Cohort 13

Focus on Insurance Value Chain/Workflow: Policy Administration System, Risk Mitigation, Claims

Specific lines of business: Corporate

Founded: 2021

Status: Operating

Company type: Insurance Platform

Head Office: United Kingdom 

Main global offices: United Kingdom

Locations served: United Kingdom

Employee count: 5

Asterias is a unified platform that enables policyholders and loss adjusters to input and access data through a single portal, ensuring all stakeholders view consistent exposure and loss data via a synchronised dashboard.

Asterias primarily focused on conducting market experiments on frictional costs across different stakeholders and roles across insurance due to challenges in loss information and distribution. Alongside, wanting to understand how different users needed to access and visualise the data.

Whilst on the programme, Asterias learned about the fundamental misunderstanding across insurance of the inefficiencies created by data capture of loss. Asterias now have a live platform in operational use that can transition the market from a fragmented process in legal and loss adjustment to a unified solution, allowing policyholders and stakeholders a real-time view of loss in specialty and large commercial insurance that previously did not exist.