Insurwave is a software engineering company established in June 2018 through a joint venture with EY and Guardtime. The Insurwave SaaS platform provides a digital pathway for risk owners and participants in the commercial lines insurance ecosystem to exchange private data in real time to support placement, administration and servicing of commercial lines insurance contracts. David Power, CEO, and Stefan Schrijnen, CCO, from Insurwave explain the benefits it brings to the marine insurance community.
As risks ebb and flow, risk owners are increasingly looking for data driven solutions that help them to better manage their risks in an increasingly evolving and dynamic risk landscape – to support new business models, improve efficiency and drive growth for competitive advantage.
Many of the incumbent insurers and brokers have responded to the data challenge by either throwing more people at the problem to manage the paper flow that exists today within their organisation or to semi-digitise existing processes.
What is needed is a fundamental rethink about how they handle the data for the benefit of their clients. This becomes an increasing challenge as the marine sector starts to become defined in data and risk events become increasingly available for consumption through APIs. Consuming and managing that data will be a differentiator, those that cannot address this data explosion could well be crippled by ‘big paper’ rather than crippled by ‘big data’.
Technology driven solutions and shared platforms are vital to better serve the clients of the sector in a digital manner. We need to start to engage in a new technology direction based on the data that is available and reduce the paper-spreading linked to the risk-spreading so that the ecosystem can operate effectively.
The Insurwave ‘digital pathway’ is a smart pipe that enables real time, enriched data flows on a common SaaS platform. For the marine com- munity we are providing a platform that can digitise, enrich and share vessel data, consume risk events and auto-service post-bind changes, such as war risk declarations. We deal with data privacy and trust through distributed cryptography to manage permissions and access rights that enable a trusted digital ecosystem.
We are working to reduce the costs of the ecosystem that consume up to 40% of a client insurance wallet. We believe that operating in a digital manner will open up opportunities for the insurance sector to offer differentiated risk management services leveraging one shared view of the data.