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As we rapidly approach 2024, we wanted to reflect on the key updates and milestones we reached this year. We believe technology can transform how companies transfer risk and we will continue to evolve the Insurwave platform to facilitate the flow of data to allow for faster, more accurate decision-making.
This year, we have broken down our key updates by theme, from advances in the marine and aviation sectors to a greater capability to support exposure management and improved product usability.
Data Collection and enrichment
Insurwave acquires specialty insurance AI tech from EY
Designed and trained over a period of three years, Insurwave AI makes the promise of AI real for insurers, harnessing the knowledge of thousands of historical submissions provided by several London market syndicates and insurers to meet the data quality needs of the insurance industry.
With the new tool, insurers can upload raw data from multiple formats, including Excel and PDF files, and Insurwave AI will ingest this data and extract not only structured but also enhanced data that can be visualised within the platform or uploaded to catastrophe models and pricing engines, ultimately improving underwriter’s speed and quality of decision making.
Asset management
Improved Risk Map asset visuals
Track your assets easily with our updated visuals
Choose between satellite and terrain views to better visualise your assets and get an accurate image of your vessels, aeroplanes and properties location when viewing asset information.
Auto-fill Vessel Data
Save time adding and searching vessels using the IMO or MMSI.
As a risk manager in the marine sector, you don’t need to type all data or fill all fields when adding a new vessel, nor do you need to remember the name of all your ships.
Insurwave is now integrated with a global marine database so that you can search or add vessels using the IMO or MMSI numbers.
View policy-level details within the asset inventory
Access a detailed breakdown of your asset data
Improve your insurance outcomes during renewal season with access to policy-level details relating to your assets in the asset inventory.
Policy & Premium Management
Vertical calculation for aviation premiums
View your aviation premium share
With our updated default premium calculation methods, vertical premium shares are now fully represented on the platform.
Pro-rata calculations for aviation policies
Keep your aviation premiums updated effortlessly with automated pro-rata adjustments
Review, assess and capture your aviation premiums more efficiently with any changes to your cover now updated automatically in your valuations.
Laid up Premium Calculation
With the new vessel status available, your premiums are adjusted automatically
As a marine risk manager, you are always doing your best to monitor how long each of your ships is laid up to make sure your premiums are being calculated accurately.
Support for more currencies
More currencies are now supported to be recorded against a policy or an asset. These additional currencies are:
- Singapore Dollars (SGD)
- Malaysian Ringgit (MYR)
- Australian Dollars (AUD)
- Japanese Yen (JPY)
Documents Notifications & Alerts
Download documents in bulk
Download all your asset information in one click
Take unnecessary complications from your renewal cycle and improve efficiency with our new bulk download feature.
Download as much data as you need: specify which documents you want with our ‘download all’ or ‘download multiple’ options.
Continued growth
Introducing Insurwave’s new brand
Brand new website, same award-winning solution
Meet the new standard for intelligent risk management with our recently launched website, introducing a colourful new way to interact with our brand and platform.
Insurwave bolsters aviation offering with new hire
In June, we appointed aviation insurance industry veteran Mark Costin as commercial director. Costin is based in London and leads the firm’s engagement with global corporations that have complex risk exposure, with a particular emphasis on the aviation sector, as well as the wider insurer and broker community supporting them.
From all of us at Insurwave, we’d like to thank you for your continued support and we look forward to accomplishing even more together in 2024.
Happy holidays and merry Christmas to all who celebrate.