Digitisation

Insurwave technology made it possible to simplify the complex specialty insurance process and transfer immensely challenging risk by connecting all parties to real-time, granular asset information they wouldn’t otherwise have access to. As a result, the whole process, from idea to issuing coverages, took weeks instead of months—something that is unheard of.

The core Insurwave solutions and functionalities that made this project a success:

Customised war zone mapping: For the 20+ insurance companies participating in the AsOne facility, Insurwave enables live tracking of exposure as each asset travels in and out of high-risk zones and delimitation of custom zones to reflect UN safe corridors and inspection areas.
Providing data for optimal marine route planning: Insurwave processes geospatial data to ensure ships travelling through the Black Sea take optimal paths. This helps vessels optimise their voyage according to cost, speed and distance criteria.
Reducing the time and effort needed to collate, read, understand, and process data associated with insurance coverage results in better and quicker decisions.

Transparency & Accuracy

Without data, everything is left to guesswork, which is inefficient and should be something from the past.

Real-time risk behaviour overview: Insurwave tracks live asset-level risk information and automatically assesses the impact on the cover, from automatic declarations of war breaches required under marine war policies to automatic premium adjustments.
Transparent risk exposure data: Using the live Risk Map, ship owners and insurers can see where the cargo is in real time. All the parties involved can visualise the ship’s departure from Ukrainian ports Chornomorsk, Odesa and Pivdennyi and track the time spent in locations en route in real-time instead of depending on monthly reports.

A Connected Insurance Experience

During the AsOne project, all parties (insurance buyers, Marsh, Ascot, Hiscox and other participating insurers and brokers) can access their insurance data faster, significantly reducing workload compared to paper-based insurance processes.

Connected insurance management: Because insurance buyers, brokers and insurers are connected to the same data, reconciliation and data disputes are over. Insurwave provides a single source of truth and complete transparency to all parties.
Sensitive insurance data is kept secure with data privacy technology that adds an extra layer of protection while ensuring everyone has the proper access to the correct information.

Ships entering Ukrainian ports are usually required by their banks to have hull and cargo war cover, which is renewed every seven days. Increased transparency and automated communication between parties allowed this complex specialty insurance operation to be smooth and on time.

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