The Challenge

To operate effectively as an insurance company, you need to be able to answer three core questions about the assets you’re insuring:

• What is the asset you’re insuring?
• Where is it located?, whether it be moving or not
• And what is it worth?

For those who cannot answer those three questions in combination, questions invariably arise as to how you can manage a business effectively and make good decisions around your exposures. “If you don’t know the value, how can you monitor your capital base? How can you monitor your premium income? It’s a cornerstone of what we do in the insurance world,” commented Chris Weller, Head of Exposure Management at Inigo Insurance.

However, while this may seem like a simple exercise for most lines of business when it comes to aviation war, recent events have brought a spotlight onto the practice. In the midst of growing geopolitical conflict and demands for responsible exposure management, particularly in the aviation war market, carriers like Inigo Insurance were under pressure to demonstrate that they not only understand their exposure but could also maintain a view of their aggregations in real-time.

“In a fluid, dynamic and stressed environment such as war, these conflicts became a big catalyst in the aviation war market to understand what syndicates and what companies' exposures actually were [...] And all of these kinds of things have led to the reason why we've adopted Insurwave,” Chris explained.

Insurers like Inigo had the information they needed as part of the underwriting submissions, but a lot of the time it was sitting within Excel spreadsheets and associated with each individual policy within the underwriting system and required a significant manual exercise to extract that information to better understand their exposure.

To get a solid grasp of your exposure, access to good quality data and an effective form of visualisation for that data is key to both understanding and making better-informed decisions about contracts, premiums and claims.

So what if Inigo could have all this information monitored globally and, better still, have the ability to produce instant reports detailing any changes and potential events?

The Solution 

Working with Insurwave, Inigo was able to transform their exposure management process from reactive to proactive, not just for their own monitoring purposes but also their ability to support clients when a loss event occurs.

“If we can proactively be monitoring our exposures and see something that's gone wrong, how quickly can we make that claim subject to coverage and then be able to get that company or individual commercial entity back on its feet,” Chris explained.

Proactive exposure management

The solution, which combines innovative data visualisation technology with advanced tracking, provided Inigo with a live location of their assets on an interactive risk map, allowing the insurer easy access to monitoring and alerts in advance of any risk event.

“If we are constantly in an environment where we're reactive every single time, are we adding as much value as we should be as an insurance company to the client? So that's what we aim to do on that side of things,” Chris added.

As an example, these capabilities allowed Inigo to utilise data during the Israel/Palestine conflict to manage their exposures more appropriately with a focus on war risk scores and risk management in the future. “Looking forward, we're really anticipating that this will make a significant impact on our approach to not only underwriting but also to risk management,” Chris said.

Enhanced Insurwave offering (left) versus industry standard tracking (right)

Customer first

Linking back to Inigo's customer-first ethos, should a country have a very high risk or suddenly the threat of war is there, the insurer now has the ability to reach out proactively to communicate and advise their clients on best practice. “That’s the kind of engagement that we're looking to benefit from through this partnership,” Chris explained.

Automating regulation compliance

Exposure monitoring aside, Chris and his exposure management team believe that the partnership will also provide the opportunity to automate more of the compliance and risk management process. Using the example of Ukrainian airspace he explained how a rapid change in aircraft entering restricted airspace could be swiftly communicated using Insurwave’s real-time visualisation.

“That's a piece of immediate client insight that we can provide back to the insurers to say: are you aware that you're flying over somewhere that you shouldn't be or even potentially landing somewhere that you shouldn't be under the terms of the policy. So it's very much about engaging with that information to the client as well,” Chris concluded.

The Benefits

Efficient, transparent and open monitoring

Inigo’s exposure monitoring process is now far more efficient, open and transparent and has more resources in the form of a system that the insurer can use and monitor.

Unrivalled client insights

Through their collaboration with Insurwave, Inigo could further enhance its data and analytics strategy and exposure management capabilities. Inigo now has the tools to deliver timely insights to its clients when events occur through its ability to track its fleets on a real-time basis.

Using technology to become leaders in aviation war

Inigo was founded on the belief in the power of data to differentiate and outperform the market. Insurwave’s ability to improve real-time data tracking alongside third-party data sources, automation and AI will help the insurer elevate its distinct offering and ensure that it can deliver the real value behind the insurance offering of expertise and support to its clients.