Insurwave Release: December 2020

 

The latest Insurwave update is here!

At Insurwave, we value client feedback and are always looking for ways to improve our user experience!

We’re excited to introduce you to our new features, which enable you to:

  • Download premium adjustments from your dashboard into an Excel file
  • Search for assets from your dashboard
  • Capture new asset data attributes e.g. asset email addresses
  • Filter premium and asset data
  • Navigate Insurwave more easily using the new navigation toolbar

Explore the new features in more detail below!

 

1) Data Export

This image shows the "Download All" button for data export.

You can now easily download a copy of all your premium lines across your programs from the Insurwave dashboard by clicking the “Download All” button (1).
You can also export the latest information on all your assets, such as valuations, flag or gross tonnage.

 

2) Dashboard & Search

This image shows the new Insurwave dashboard and the search bar.

We have improved the Insurwave dashboard to make it easier for you to see your latest updates to your programs. Also, you can now search for any asset on the platform, useful both for getting the latest information and making changes (1).

 

3) New Asset Attributes

New asset attributes have been added to enhance the information you have stored and make managing the asset much easier:

  • Capturing email addresses for assets
    You can now capture the email address for an asset. The email address can be used to send documents directly to the recipient.
  • Mortgagee email and postal address added to ownership
    You can now capture an email and postal address for Mortgagees. This data can be used to populate Letters of Undertaking and send them to the recipient via email.
  • New effective dates to help you manage risk data
    We have added more fields to your asset information, including effective dates for some attributes, such as a flag change.
  • Updating ownership types
    You can now amend your ownership details such as Operating Companies and Mortgagees, by clicking on the ownership card and providing a new name and effective date. It’s important this information is kept up to date as it can be required on documentation.

 

4) Filters on Program and Assets

You now have the possibility to get a clearer view on the premium lines on your program by using filters. The filters allow you to see how a particular asset has changed over the course of the program. Your assets can be segmented and your view focussed to see the information relevant to you at a particular point in time.
And if you want to see all your assets against an Operating Company or Cover?
No problem!

 

See for yourself!

Log in to your Insurwave account now and check out the new features!

 

Not yet an Insurwave client?

Book a platform demo now!

 

A bridge between two buildings to symbolise connecting insurance parties through Insurwave

How Insurwave is using fresh funding for proposition expansion

When creating an insurance contract within specialty lines there are many different parties that are involved. At its core, Insurwave connects and it shares the data between all those parties. But most importantly it gives a number of services and utilities to those parties that eliminate them all repeating the effort that the other one may have already done, which gives them space for growth and accurate data, allowing them to run their business.

After Insurwave secured an extra £5 million in fresh funding, David Power, CEO of Insurwave, has been speaking with Insurance Business Mag to discuss how they will be using this funding to expand their proposition.

Click here to read the full article

Fast lights to symbolise the speed and simplicity Insurwave brings to parametric insurance

Insurwave bringing parametric triggers to complex commercial lines

Insurwave has raised £5 million of additional funding to drive further growth and help it expand service offerings for parametric trigger design more broadly into complex commercial insurance and perhaps reinsurance lines.

Insurwave is a platform for the insurance ecosystem and among the offerings it has for carriers is an ability to transform complex insurance processes to a digital-first experience, including design and also automation of parametric insurance contracts.

Through the integration of sources of internal and external data, alongside automated calculations of premiums, as well as risk performance ledger tasks, Insurwave wants to make the design of new products for complex insurance risks in the commercial lines sector simpler.

Chief Executive Officer David Power has been speaking to Artemis about Insurwave and their ability to help carriers to create parametric risk transfer products.

Click here to read the full article.

Insurwave to reduce operational costs by 25%

Insurwave, the marine blockchain platform launched by EY and Guardtime in May 2018, is already starting to bring “material” cost savings to its users, according to its chief commercial officer Stefan Schrijnen.

In an event hosted jointly by EY and its blockchain offshoot – which is now its own trading entity – Schrijnen spoke of the significant financial, “real-world” benefits the platform is already providing for its clients.

“A big one is around the cost of servicing, in terms of the cost of administering insurance for risk owners, brokers and insurers. This relates to the cost of several processes, including warzone declarations and calculating premium adjustments based on changes to dynamic risk data,” he explained.

“Right now, and for the last year, our platform has been automating those things and we have measured a 25 percent cost reduction relative to the pre-Insurwave costs… which were manual and took months. That is a real saving.”

Schrinjen claimed the platform delivers a more reliable, trustworthy view of risk owners’ exposures, which they can share with their underwriter to provide clarity on the risk that they’re actually underwriting.

“Something we’re managing in terms of the pre-Insurwave data package versus the post- Insurwave data package is the rate that our ship owners are able to achieve in the market, and there’s real money in that today,” he said.

Schrijnen identified breach notification as the most significant business benefit for the circa 2,000 vessels Insurwave now has on board. He estimated that risk owners not on the platform receive notifications for only a quarter of breaches, pointing towards an environment of “extreme under- reporting.”

In terms of cost-savings, Schrinjen calculated that for every dollar of premium on the marine blockchain platform, Insurwave creates a cost benefit of 5 cents.

“We’ve got about $75mn dollars on the platform and we’re delivering about $4mn of cash benefit per year,” he said.

Looking forward, Insurwave said the quality of the data processing it offers to its customers will be a key metric for efficiency.

Currently, he claimed, the blockchain’s circa 2,000 vessels receive 50 percent more data points than their non-Insurwave initiated counterparts but Schrinjen offered the ballpark target of producing 200 percent more data points for Insurwave users in the foreseeable future.

Part of the challenge, he added, will be achieving greater collaboration across the industry – even between competitors.