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.
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