Insurtech Lumun pivots to becoming broker and MGA
Insurtech Lumun has pivoted to starting up as a broker and managing general agent specialising in non-standard motor.
Originally, Lumun aimed to raise capital to start up as a pure-play insurer.
The idea was to provide capacity to brokers in motor, especially in areas such as telematics, where there is a lack of insurers participating. Working with brokers remains one of the end goals but the route is now different.
I'm glad that we didn't launch sooner because looking at the market conditions, it has been a struggle.
Speaking to Insurance Age in February, CEO Liz Bilney had flagged the offering was not
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