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As 2024 draws to a close, it’s an opportune moment to reflect on the strides made this year within the ever-evolving specialty insurance market. With rapid technological advancements reshaping how companies assess and transfer risk, the industry is increasingly leaning on innovation to address emerging challenges and opportunities.
This year, we expanded our coverage across aviation, property and Political violence lines with an enhanced next generation exposure monitoring platform that helped insurers maintain a dynamic view of their exposures, combining both the static world of assets like property and other fixed assets with the physical, moving world of vessels, aircraft, cargo and more.
As part of our overall proposition, we also forged partnerships with other third-party data providers such as Ambrey and Spire to help further enrich the insights clients could gain from our platform. These developments are part of our ongoing effort to empower stakeholders with faster, more precise insights to navigate an increasingly complex risk landscape. Read on to learn more about our key platform updates from the year.
Exposure Monitoring
View and analyse your assets dynamically on the risk map
Get a complete picture of your assets with your total insured value (TIV) and calculated exposure based on line shares and agreed policy terms.
Downloadable exposure data
Extract insights from zones of interest
With one click your exposure data within a zone can now be downloaded from the platform in a CSV format, containing asset details, policy terms and line share for further analysis or exposure reporting.
Expansion of standard zones for enhanced reporting
Streamline your exposure reports
In response to your feedback, we expanded the list of standard zones on the Risk Map to now include countries, US states and blast radius zones of over 600 airports across the world.
As a result of these changes users can now:
- Search and select between overlapping zones with ease.
- View all countries and US states, which are now visible at any magnification level by default, and extract exposure details.
Tracking
Filter your spoofed vessel positions
Spoofed vessel positions are now removed automatically from the risk map
The recent increase in geopolitical upheaval has resulted in several occurrences of vessel spoofing (false positions received from location data providers) impacting many marine insurance companies and vessel operators’ day-to-day administrative responsibilities.
To combat this issue, we created a tolerance-based logic solution based on the speed of the tracked vessels, ensuring that any vessel that travels beyond the speed of 70 KM/H is flagged as a spoofed position and automatically removed from the Risk Map.
However, for those users wanting to analyse spoofed positions, the summary of these positions is available on request including SSI details, timestamps, positions and IMO numbers.
We also introduced specific geographic zones, referred to as exclusion areas, configured to prevent false positives in regions known for frequent spoofing or signal interference such conflict zones or areas with known jamming activities. This allows for more granular and precise configuration to distinguish between legitimate activity and actual spoofing.
Check out our visualisation below showing all the spoofed positions recorded on our Risk Map since October 2024.
Analytics
Voyage analytics
Unlock analytics and insights on every voyage
With our new voyage analytics dashboard, you can view key analytics and insights from every voyage at a glance, including:
- Zone transits
- Season zone transit frequency
- Zone transit duration
- Voyages by policy
Partnerships
Spire
As part of our continued improvements to our marine terrestrial & satellite AIS tracking, we partnered with a new tracking provider - Spire to ensure greater accuracy of voyages and premium calculations.
Our vessel position data and coverage has increased by 32%, ensuring greater accuracy of voyages and premium calculations. Check out the images below to see the difference.
Ambrey
Earlier this year, we announced a strategic partnership with Ambrey, a global leader in maritime security risk management, to deliver an integrated, comprehensive solution for marine insurance and risk management.
With increasing geopolitical risks impacting maritime trade globally, this collaboration comes at a crucial time. By combining Ambrey's extensive experience in providing operational and digital maritime security services with Insurwave’s industry-leading specialty insurance technology platform, risk managers, underwriters and exposure managers will have access to a comprehensive, global view of marine perils and risk.
Insurance professionals can access real-time threat alerts, enhanced security and risk data, and aggregation insights, all on one platform. Leveraging Ambrey and Insurwave’s complementary, market-leading capabilities, the combined offering sets the new standard in maritime security, risk management, and marine insurance.
National Flood Data
The second half of the year saw a series of severe flood events across central Europe, presenting a number of short and long-term challenges to the insurance market. Today, insurers need next level risk insights across all flood perils, in order to build a holistic view of flood risk across their portfolios.
To help insurers gain the level of insights they need, we worked with a third-party data provider called National Flood Data to provide comprehensive FEMA and related flood data and flood zone determinations to help address the gap that currently exists in the market.
Looking ahead
As the complexity of managing risks, making decisions and tackling challenges in a world marked by rapid technological advances and increasingly interconnected risks grows, so too does the need for insurers to partner with technology providers that will look to the present. With that in mind, we’ve collected the thoughts of our senior leaders on the progress made this year and strategy moving forward into 2025.
Mark Costin, Commercial Director
From an exposure monitoring point of view, 2024 played host to a number of key events that highlighted the urgent need for insurers to demonstrate they have a keen understanding of the location of their assets. From Israel to the Red Sea and Haiti with accumulation of assets both in marine and aviation exposures, our platform has assisted in all of those things from an insurer’s point of view.
As a result, we’ve started to play a much bigger part in defining the exposure monitoring strategy industry wide. We have brought Insurers much greater visibility over their assets, and we intend to expand on that further in 2025 with the addition of new partnerships that will help enrich the insights they can derive from their data even further.
Stefan Schrijnen, Chief Commercial Officer
This year, we made a number of important additions to our platform that allowed us to enhance our capabilities even further. Most notable for the marine sector is our partnership with Ambrey, a global leader in maritime security risk management. Through this partnership, our clients can now access real-time threat alerts, and other critical risk and security data, together with their exposure and aggregation information, all on one platform.
As the geopolitical risk landscape continues to shift, 2025 will be the year all specialty insurers fully embrace the latest technology and data capabilities they require to support their event response, underwriting and portfolio management decisions.
Richard Archer, Chief Strategy Officer
This year marked the exciting launch of our AI-powered submission ingestion service for the specialty and commercial insurance market. This service has been integrated into Insurwave's existing platform, which allows insurers to upload raw data from multiple formats, including Excel and PDF files. The platform extracts not only structured but also enhanced data that can be visualised within the platform or uploaded to catastrophe models and pricing engines, ultimately improving underwriters’ speed and quality of decision-making.
Looking ahead to 2025, there is no question that AI technology will continue to play a pivotal role in shaping the industry’s shared dream of real-time proactive risk management, and we look forward to actively contributing to that goal through the ingestion of submission data into our platform as well as driving new predictive analytics and insights to further power the real-time monitoring of dynamic exposures.
David Power, Chief Executive Officer
As an Insurtech that is focused on Specialty Insurance – the last couple of years have been extremely profitable. With signs of softening, the role of technology in expense management and loss performance is more important than ever.
Similarly, as technology around implementing AI into organisations has improved, we are now in a much more mature position, ready to take advantage of the speed and efficiency that the technology offers in 2025, especially when reducing the administrative requirements of an underwriting team.
Happy holidays!
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 2025. Happy holidays and merry Christmas to all who celebrate.